Monday, 9 November 2026Lusaka, Zambia
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Government Debt

Treasury Bills Outstanding

Treasury bills in issue at month end, kwacha billions.

K54.3bnSep 2026−0.4%on the month+6.9%on the year
12-month average50.3
Record high54.6Aug 2026
Record low3.2Oct 2008
Observations225since Jan 2008

Treasury Bills Outstanding, Jan 2008 to Sep 2026

0204060200820112014201720202023202654.3

Show the numbers
MonthTreasury Bills Outstanding (ZMW bn)
Sep 202654.3
Aug 202654.6
Jul 202652.6
Jun 202650.3
May 202650.3
Apr 202649.9
Mar 202649.0
Feb 202649.3
Jan 202649.8
Dec 202547.5
Nov 202547.1
Oct 202548.8
Sep 202550.8
Aug 202549.3
Jul 202548.0
Jun 202548.4
May 202547.2
Apr 202546.2
Mar 202545.4
Feb 202542.5
Jan 202539.1
Dec 202436.1
Nov 202436.7
Oct 202435.3
Sep 202435.2
Aug 202435.4
Jul 202434.0
Jun 202433.9
May 202436.4
Apr 202438.9
Mar 202439.3
Feb 202442.7
Jan 202445.6
Dec 202344.9
Nov 202344.9
Oct 202345.4
Sep 202343.9
Aug 202344.0
Jul 202345.7
Jun 202344.3
May 202343.3
Apr 202343.7
Mar 202344.0
Feb 202342.1
Jan 202342.4
Dec 202240.0
Nov 202240.9
Oct 202240.3
Sep 202240.7
Aug 202237.2
Jul 202236.6
Jun 202237.8
May 202238.1
Apr 202238.7
Mar 202238.4
Feb 202237.5
Jan 202237.2
Dec 202135.8
Nov 202135.2
Oct 202135.3
Sep 202134.4
Aug 202135.3
Jul 202134.5
Jun 202135.6
May 202135.6
Apr 202136.2
Mar 202135.3
Feb 202134.7
Jan 202134.6
Dec 202033.0
Nov 202032.7
Oct 202033.0
Sep 202032.8
Aug 202030.2
Jul 202029.3
Jun 202026.3
May 202024.7
Apr 202022.4
Mar 202021.7
Feb 202020.8
Jan 202020.2
Dec 201921.2
Nov 201921.8
Oct 201920.8
Sep 201919.8
Aug 201919.7
Jul 201920.1
Jun 201919.4
May 201919.2
Apr 201918.1
Mar 201918.2
Feb 201918.5
Jan 201918.4
Dec 201817.5
Nov 201817.5
Oct 201817.8
Sep 201817.5
Aug 201818.3
Jul 201818.7
Jun 201819.2
May 201820.3
Apr 201820.5
Mar 201820.3
Feb 201820.8
Jan 201820.5
Dec 201720.2
Nov 201720.0
Oct 201719.5
Sep 201721.1
Aug 201720.6
Jul 201719.9
Jun 201719.8
May 201718.6
Apr 201718.9
Mar 201717.4
Feb 201716.3
Jan 201714.8
Dec 201613.2
Nov 201611.8
Oct 201611.2
Sep 201610.5
Aug 201610.5
Jul 201610.7
Jun 201610.6
May 201610.6
Apr 201610.7
Mar 201612.0
Feb 201611.9
Jan 201611.9
Dec 201512.3
Nov 201512.9
Oct 201512.9
Sep 201512.8
Aug 201512.7
Jul 201512.8
Jun 201513.1
May 201513.1
Apr 201512.9
Mar 201512.9
Feb 201511.5
Jan 201511.4
Dec 201410.8
Nov 20149.4
Oct 20149.9
Sep 20149.6
Aug 201410.1
Jul 20149.6
Jun 20149.9
May 201410.1
Apr 201410.1
Mar 201410.1
Feb 201410.7
Jan 201410.2
Dec 20139.5
Nov 20139.0
Oct 20138.9
Sep 20138.4
Aug 20138.1
Jul 20138.1
Jun 20138.0
May 20138.0
Apr 20137.9
Mar 20137.5
Feb 20137.1
Jan 20136.8
Dec 20126.6
Nov 20126.6
Oct 20126.9
Sep 20126.9
Aug 20126.7
Jul 20126.8
Jun 20126.8
May 20126.7
Apr 20126.5
Mar 20126.5
Feb 20126.4
Jan 20126.2
Dec 20116.9
Nov 20116.7
Oct 20116.4
Sep 20116.5
Aug 20116.5
Jul 20116.1
Jun 20116.0
May 20115.9
Apr 20116.1
Mar 20115.4
Feb 20115.1
Jan 20114.7
Dec 20104.5
Nov 20104.3
Oct 20104.2
Sep 20104.1
Aug 20104.3
Jul 20104.3
Jun 20104.4
May 20104.4
Apr 20104.5
Mar 20104.5
Feb 20104.5
Jan 20104.4
Dec 20094.4
Nov 20094.4
Oct 20094.2
Sep 20094.0
Aug 20093.8
Jul 20093.8
Jun 20093.6
May 20093.7
Apr 20093.5
Mar 20093.5
Feb 20093.3
Jan 20093.4
Dec 20083.2
Nov 20083.2
Oct 20083.2
Sep 20083.4
Aug 20083.5
Jul 20083.5
Jun 20083.6
May 20083.4
Apr 20083.5
Mar 20083.6
Feb 20083.5
Jan 20083.5

Source: Bank of Zambia. Monthly. Gaps in the line are months with no published figure.

Change on a year earlier

Each bar is this month against the same month twelve months before — the comparison that strips out the seasonal pattern.

-50050100150200920112013201520172019202120232025

IncreaseDecrease

Related analysis

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Nothing published on this indicator yet. KSJ analysis appears here as it is written.

More in Government Debt

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Government Bonds OutstandingK206.6bn−3.7%m/m+7.0%y/ySep 2026Treasury Bill SalesK5.5bn−16.2%m/m−16.2%y/ySep 2026Average Treasury Bill Yield10.78%−0.86 ppm/m−3.10 ppy/ySep 2026Average Government Bond Yield13.60%−1.61 ppm/m−4.37 ppy/ySep 2026

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