RBM Bills are a short-term financial instruments issued by the Reserve Bank of Malawi for monetary policy purposes. (Open Market Operations). Similar to Treasury Bills, RBM Bills are highly liquid and low risk investments. They are highly liquid in that they are re-discountable by authorised dealers such as Continental Discount House Limited (CDH). They are low risk because settlement is guaranteed by the Reserve Bank of Malawi.

Investors can invest in RBM Bills by bidding in the primary auction (RBM), or through the secondary market, from authorised dealers such as CDH.

The primary market is conducted by the Reserve Bank of Malawi through the issuance of RBM Bills for sale by auction. Currently, these auctions are conducted by the Reserve Bank of Malawi on Tuesday each week for settlement on Thursdays, with the exception of public holidays.

RBM Bills are issued on a discounted basis and are redeemable at face value on maturity.

The Secondary Market is conducted by authorised dealers and is where previously issued RBM Bills can be purchased and sold at rates which reflect the tenor of the bills being traded. If an investor wishes to invest for a period less than the tenors obtainable in the Primary Auctions then the secondary market should be able to provide the investment of the required tenor. CDH is always ready to buy or sell such bills at rates agreeable to both parties. The secondary market thus provides the client with the required liquidity and flexibility they seek from their investment. Indicative rates are published in the national newspapers and on this web-site.

RBM Bills are currently issued in two tenors, 63 days and 91 days. An investor can bid to purchase RBM Bills for these tenors, depending on their cash-flow requirements, interest rate considerations or their perceived view of interest rates.

The minimum investment is MK1,000,000 (One million Malawi Kwacha) and in multiples of MK1,000,000 (One million) thereafter.

Please contact our Dealers on the following numbers

+265 (0)1 82 1913 / (0)1 822 840 / (0)8 874 170 / (0)8 835 992
 should you require additional information.