A Treasury Bill is a short-term financial instrument issued by the Malawi Government through the Reserve Bank of Malawi to borrow funds from the general public to finance cash flow shortfalls in Government expenditure.

Treasury Bills are low risk and highly liquid instruments as they are re-discountable by authorised dealers such as Continental Discount House Limited (CDH). If for any reason the investor needs to liquidate his investment prior to maturity, he can do so by selling the bills to CDH at the prevailing rate for the tenor of the bills to maturity.

How can an investor buy Treasury Bills?

Investors can invest in Treasury 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 Treasury Bills for sale by auction. Currently, these auctions are conducted by the Reserve Bank of Malawi on Friday each week, with the exception of public holidays.

The Secondary Market is conducted by authorised dealers and is where previously issued Treasury 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. CDH publishes indicative rates for such trades in two national weekday newspapers and also on this web-site.

Treasury Bills are currently issued in three tenors; 91 days, 182 days and 273 days. An investor can bid to purchase Treasury Bills for these tenors, depending on their cash-flow requirements, interest rate considerations or their perceived view of interest rates.

The minimum investment is MK10,000 (Ten thousand Malawi Kwacha) and in multiples of MK1,000 thereafter.

Please contact our Dealers on the following numbers

+265 (0)1 821 913 / (0)1 822 840 / (0)08 835 992 / (0)8 874 170
 should you require additional information.