According to the Bank of Zambia Treasury […]

According to the Bank of Zambia Treasury auction results seen by the Zambian Business Times (ZBT), for T-Bill tender number 20/2026, there has been an oversubscription to the initial offer of K2.2 billion (at cost).

The report further indicates K3.6 billion (face value) was the amount bid, with only K2.7 billion allocated at cost.

A further check by the Zambian Business Times-ZBT shows that all the tenures were oversubscribed, as the 91-day T-bill had K440 million as the initial offer (at cost), and K464 million was the total bid received, with K443.5 billion as the amount allocated (at cost).

The 182-day tenure had K500 million as the amount offered (at cost) and received K576.1 million in bids, with K546.6 million allocated (at cost). 273 days also recorded an oversubscription, as the amount offered stood at K530 (at cost), recovering K556.7 million as bids, and K519 was the amount allocated (at cost).

Finally, the 364-day T-Bill, or 1-year bills, was also oversubscribed, considering that the initial amount offered stood at K730 (at cost) and received bids worth K1.9 billion, with K1.2 billion as the only amount allocated (at cost).

 Meanwhile, economic expert Naylor Kopakopa has attributed the increase in investor bids to market players having confidence in the country’s economic stability.

 Speaking in an interview with Zambian Business Times-ZBT, Kopa noted that the central bank’s decision to reduce the monetary policy rate by 250 basis points has contributed to oversubscription as it narrows the difference in what the banks will lend to private business and government.

“Banks are now forced to reduce their lending rates to their customers, which means that the difference between what banks are lending to private businesses and government has narrowed, making banks opt to lend money to government as opposed to private businesses,” said KopaKopa.

 Article by Justine Phiri