01
Short yields against prices
The 35-day bill yields 3.54% a year. Sep 2026 CPI is 4.3%, a gap of -0.76 percentage points.
Bills & bonds · Bank of Tanzania
The government borrows at 3.54% for 35 days and 11.59% for ten years
Treasury-bill yields from the latest auction, alongside the official fitted bond curve. Each record keeps its own date; inflation is a backward-looking annual reference, not a forecast.
- 35 day bill
- 3.54%-0.76 pp versus CPI18 bp versus prior auction
- 91 day bill
- 3.64%-0.66 pp versus CPI15 bp versus prior auction
- 182 day bill
- 5.57%+1.27 pp versus CPI-6 bp versus prior auction
- 364 day bill
- 6.13%+1.83 pp versus CPI-15 bp versus prior auction
01 · The curve
Pick a maturity
Diamonds are bill auctions; the line is BoT’s fitted bond curve. The short end is widened so the bills are readable.
Show as table
| Record | Maturity | % | Date |
|---|---|---|---|
| Auction | 35d | 3.54% | 21 Oct 2026 |
| Auction | 91d | 3.64% | 21 Oct 2026 |
| Auction | 182d | 5.57% | 21 Oct 2026 |
| Auction | 364d | 6.13% | 21 Oct 2026 |
| Curve | 6 months | 4.4505 | 22 Oct 2026 |
| Curve | 1 years | 7.2382 | 22 Oct 2026 |
| Curve | 1.5 years | 9.57 | 22 Oct 2026 |
| Curve | 2 years | 10.8927 | 22 Oct 2026 |
| Curve | 2.5 years | 11.5431 | 22 Oct 2026 |
| Curve | 3 years | 11.8274 | 22 Oct 2026 |
| Curve | 3.5 years | 11.9285 | 22 Oct 2026 |
| Curve | 4 years | 11.9428 | 22 Oct 2026 |
| Curve | 4.5 years | 11.9189 | 22 Oct 2026 |
| Curve | 5 years | 11.8804 | 22 Oct 2026 |
| Curve | 5.5 years | 11.8384 | 22 Oct 2026 |
| Curve | 6 years | 11.7977 | 22 Oct 2026 |
| Curve | 6.5 years | 11.7602 | 22 Oct 2026 |
| Curve | 7 years | 11.7264 | 22 Oct 2026 |
| Curve | 7.5 years | 11.6963 | 22 Oct 2026 |
| Curve | 8 years | 11.6695 | 22 Oct 2026 |
| Curve | 8.5 years | 11.6456 | 22 Oct 2026 |
| Curve | 9 years | 11.6242 | 22 Oct 2026 |
| Curve | 9.5 years | 11.605 | 22 Oct 2026 |
| Curve | 10 years | 11.5876 | 22 Oct 2026 |
| Curve | 10.5 years | 11.572 | 22 Oct 2026 |
| Curve | 11 years | 11.5577 | 22 Oct 2026 |
| Curve | 11.5 years | 11.5447 | 22 Oct 2026 |
| Curve | 12 years | 11.5327 | 22 Oct 2026 |
| Curve | 12.5 years | 11.5217 | 22 Oct 2026 |
| Curve | 13 years | 11.5116 | 22 Oct 2026 |
| Curve | 13.5 years | 11.5022 | 22 Oct 2026 |
| Curve | 14 years | 11.4934 | 22 Oct 2026 |
| Curve | 14.5 years | 11.4853 | 22 Oct 2026 |
| Curve | 15 years | 11.4777 | 22 Oct 2026 |
| Curve | 15.5 years | 11.4706 | 22 Oct 2026 |
| Curve | 16 years | 11.464 | 22 Oct 2026 |
| Curve | 16.5 years | 11.4577 | 22 Oct 2026 |
| Curve | 17 years | 11.4518 | 22 Oct 2026 |
| Curve | 17.5 years | 11.4463 | 22 Oct 2026 |
| Curve | 18 years | 11.4411 | 22 Oct 2026 |
| Curve | 18.5 years | 11.4361 | 22 Oct 2026 |
| Curve | 19 years | 11.4314 | 22 Oct 2026 |
| Curve | 19.5 years | 11.427 | 22 Oct 2026 |
| Curve | 20 years | 11.4227 | 22 Oct 2026 |
| Curve | 20.5 years | 11.4187 | 22 Oct 2026 |
| Curve | 21 years | 11.4149 | 22 Oct 2026 |
| Curve | 21.5 years | 11.4112 | 22 Oct 2026 |
| Curve | 22 years | 11.4077 | 22 Oct 2026 |
| Curve | 22.5 years | 11.4044 | 22 Oct 2026 |
| Curve | 23 years | 11.4012 | 22 Oct 2026 |
| Curve | 23.5 years | 11.3982 | 22 Oct 2026 |
| Curve | 24 years | 11.3952 | 22 Oct 2026 |
| Curve | 24.5 years | 11.3924 | 22 Oct 2026 |
| Curve | 25 years | 11.3897 | 22 Oct 2026 |
Method and limits
The line joins 50 published points without inventing observations. The time axis uses the square root of years. CPI describes the preceding year; the difference is not a forecast of inflation-adjusted return. Taxes and fees are excluded.
02 · Three things the curve says
Read it like a story
02
From two years to ten
The curve shows 10.89% at two years and 11.59% at ten. That is a +0.69 percentage-point difference.
03
Ten years versus 25
The 25-year point is 11.39%, -0.2 percentage points versus ten years. These are points on one dated curve, not a forecast.
03 · What would I earn?
A rough guide for a Treasury bill
Simple interest before tax and fees, at the latest auction yield. Bills are sold at a discount; your bank or broker gives the actual purchase price.
Method and limits
Principal × annual yield ÷ 100 × days ÷ 365. Actual discounted purchase price, eligible amounts and auction results may differ. The CPI comparison uses the same simple formula with backward-looking inflation; it is not a forecast.
Interest over 364 days, before tax
At 4.3% CPI, TZS 42,882 is the approximate price allowance. The interest difference is TZS 18,250. This does not predict future inflation.
Explore auctions, history and every curve point
MARKET RECORD · 22 Oct 2026Official BoT sources
Government securities
Tanzania’s government yield curve
A yield curve shows annual government borrowing yields across maturities. Here the latest bill auction traces a flatter short end than the official fitted curve. The records have different dates.
182-day bill versus 6M curve point+112 bp5.57% auction · 4.45% curve
364-day bill versus 1Y curve point−111 bp6.13% auction · 7.24% curve
Official fitted curve: Bank of Tanzania · 22 Oct 2026Treasury-bill auction 1209: BoT · 21 Oct 2026Bond auctions: BoT · individual dates below
01 · Official curve / Auction comparison
The curve from six months to 25 years
The line is BoT’s 50-point fitted curve for one date. Diamonds are separate auction records; none is blended into the line.
Maturity: short end widened. Swipe the chart for longer maturities; hover, tap or use the slider to inspect a point.
10Y · 11.5876%Gap to 6M +714 bp · 2Y +69 bp · 10Y 0 bp
Between 182 and 364 days, the auction yields on 21 Oct 2026 differ by 56 bp. BoT’s 6M and 1Y fitted points on 22 Oct 2026 differ by 279 bp. This compares differently dated records.
02 · Curve / Where yield is added
Where the curve does its climbing
From six months to 25 years, the curve rises 693 bp. 93% of that rise happens before two years.
Official BoT fitted curve · 22 Oct 2026Differences in basis points
644 bp6M to 2Y · 93%
69 bp2Y to 10Y · 10%
-20 bp10Y to 25Y · -3%
Extra yield for each additional half-year
Each bar shows basis points added by one more half-year of maturity.
Swipe the chart to see longer maturities
279209140700
Under 5 bp
1Y5Y10Y15Y20Y25Y
From 4Y, each half-year step adds less than 5 bp. The 6M to 1Y step adds 279 bp.
03 · Treasury bills / Dated auctions
Latest Treasury-bill auction
Weighted-average yields at auction 1209, 21 Oct 2026. Changes compare with auction 1208 on 7 Oct 2026.
BoT · Auction 1209 · 21 Oct 2026Weighted-average yields
35 days3.54%+18 bp vs prior auction
91 days3.64%+15 bp vs prior auction
182 days5.57%−6 bp vs prior auction
364 days6.13%−15 bp vs prior auction
Change from the previous auction
Yields in percent. Hollow dot is the prior auction; solid dot is the latest.
35d
+18 bp
91d
+15 bp
182d
−6 bp
364d
−15 bp
Do the tenors move together?
Last 26 auctions, 17 Sept 2025 to 21 Oct 2026. Lines connect auctions only, not unobserved days.
Swipe the chart to see the full history
35d 3.54%91d 3.64%182d 5.57%364d 6.13%
Against the previous auction, 2 tenors rose and 2 fell. Each history line joins observed auctions, not every calendar day.
04 · Bonds / Gaps to the curve
Bond auctions against the curve
Each result is the latest auction for its maturity. Dates differ; gaps compare separate records and do not adjust the fitted curve.
Fitted curve · 22 Oct 2026Markers are separately dated auctions
Swipe the chart to see longer maturities
Exact bond auction dates and yields
| Maturity | Auction date | Auction yield | Curve point | Gap |
|---|---|---|---|---|
| 2Y | 29 Jul 2026 | 8.40% | 10.8927% | −249 bp |
| 5Y | 16 Sept 2026 | 9.53% | 11.8804% | −235 bp |
| 7Y | 9 Nov 2022 | 9.71% | 11.7264% | −202 bp |
| 10Y | 2 Sept 2026 | 10.69% | 11.5876% | −90 bp |
| 15Y | 30 Sept 2026 | 10.79% | 11.4777% | −69 bp |
| 20Y | 8 Jul 2026 | 11.33% | 11.4227% | −9 bp |
| 25Y | 15 Oct 2026 | 10.84% | 11.3897% | −55 bp |
7 of 7 latest-by-maturity bond results sit below their matched fitted points. Auction dates differ; the table gives each one.
05 · Guide / Reading the record
How to read this page
A yield curve is a price list for time
It shows the annual yield associated with lending to the government for different lengths of time. Here, longer maturities carry higher yields.
Curve points and auction results differ
The curve is a fitted line for one date. An auction yield is the result for a specific security on another date. They can differ without either being an error; KCP shows both without mixing them.
Basis points measure the gaps
One basis point (bp) is 0.01 percentage point. The 243 bp gap from two to ten years equals 2.43 percentage points in annual yield. It is not a forecast.
Data tables and method
Official fitted curve, all 50 points
| Maturity / Yield | Maturity / Yield | Maturity / Yield | Maturity / Yield | Maturity / Yield | |||||
|---|---|---|---|---|---|---|---|---|---|
| 6M | 4.4505% | 5.5Y | 11.8384% | 10.5Y | 11.5720% | 15.5Y | 11.4706% | 20.5Y | 11.4187% |
| 1Y | 7.2382% | 6Y | 11.7977% | 11Y | 11.5577% | 16Y | 11.4640% | 21Y | 11.4149% |
| 1.5Y | 9.5700% | 6.5Y | 11.7602% | 11.5Y | 11.5447% | 16.5Y | 11.4577% | 21.5Y | 11.4112% |
| 2Y | 10.8927% | 7Y | 11.7264% | 12Y | 11.5327% | 17Y | 11.4518% | 22Y | 11.4077% |
| 2.5Y | 11.5431% | 7.5Y | 11.6963% | 12.5Y | 11.5217% | 17.5Y | 11.4463% | 22.5Y | 11.4044% |
| 3Y | 11.8274% | 8Y | 11.6695% | 13Y | 11.5116% | 18Y | 11.4411% | 23Y | 11.4012% |
| 3.5Y | 11.9285% | 8.5Y | 11.6456% | 13.5Y | 11.5022% | 18.5Y | 11.4361% | 23.5Y | 11.3982% |
| 4Y | 11.9428% | 9Y | 11.6242% | 14Y | 11.4934% | 19Y | 11.4314% | 24Y | 11.3952% |
| 4.5Y | 11.9189% | 9.5Y | 11.6050% | 14.5Y | 11.4853% | 19.5Y | 11.4270% | 24.5Y | 11.3924% |
| 5Y | 11.8804% | 10Y | 11.5876% | 15Y | 11.4777% | 20Y | 11.4227% | 25Y | 11.3897% |
All 50 points supplied by BoT for 22 Oct 2026, displayed to four decimal places.
Treasury-bill auctions and gaps
| Tenor | Latest yield | Prior auction | Change | Curve point | Gap |
|---|---|---|---|---|---|
| 35d | 3.54% | 3.36% | +18 bp | No point | N/A |
| 91d | 3.64% | 3.49% | +15 bp | No point | N/A |
| 182d | 5.57% | 5.63% | −6 bp | 4.4505% | +112 bp |
| 364d | 6.13% | 6.28% | −15 bp | 7.2382% | −111 bp |
Last 26 auctions
| Auction | Date | 35d | 91d | 182d | 364d |
|---|---|---|---|---|---|
| 1184 | 17 Sept 2025 | 6.20% | 6.81% | 6.56% | 5.99% |
| 1185 | 8 Oct 2025 | 6.13% | 6.53% | 6.81% | 5.61% |
| 1186 | 22 Oct 2025 | 5.75% | 5.90% | 6.00% | 6.30% |
| 1187 | 5 Nov 2025 | 5.92% | 6.47% | 5.97% | 6.55% |
| 1188 | 19 Nov 2025 | 5.35% | 5.69% | 5.87% | 6.35% |
| 1189 | 3 Dec 2025 | 5.38% | 5.93% | 5.91% | 6.24% |
| 1190 | 7 Jan 2026 | 5.24% | 5.71% | 5.82% | 6.19% |
| 1191 | 21 Jan 2026 | 5.47% | 5.76% | 5.89% | 6.23% |
| 1192 | 11 Feb 2026 | 4.90% | 5.09% | 5.95% | 6.23% |
| 1193 | 25 Feb 2026 | 4.60% | 4.85% | 5.75% | 6.17% |
| 1194 | 11 Mar 2026 | 4.32% | 4.29% | 5.59% | 6.40% |
| 1195 | 25 Mar 2026 | 4.07% | 4.16% | 5.78% | 5.20% |
| 1196 | 8 Apr 2026 | 3.99% | 4.08% | 5.57% | 5.78% |
| 1197 | 22 Apr 2026 | 3.63% | 3.97% | 5.36% | 5.66% |
| 1198 | 6 May 2026 | 3.39% | 3.83% | 5.27% | 5.68% |
| 1199 | 20 May 2026 | 3.07% | 3.73% | 5.19% | 5.58% |
| 1200 | 3 Jun 2026 | 2.91% | 3.57% | 5.04% | 6.38% |
| 1201 | 17 Jun 2026 | 2.73% | 3.56% | 4.92% | 6.92% |
| 1202 | 2 Jul 2026 | 2.48% | 3.45% | 4.70% | 7.12% |
| 1203 | 15 Jul 2026 | 2.19% | 3.35% | 4.78% | 7.03% |
| 1204 | 12 Aug 2026 | 2.13% | 3.44% | 5.18% | 6.74% |
| 1205 | 26 Aug 2026 | 2.09% | 3.40% | 5.05% | 6.65% |
| 1206 | 9 Sept 2026 | 2.29% | 3.42% | 4.92% | 6.47% |
| 1207 | 23 Sept 2026 | 2.52% | 3.39% | 5.29% | 6.29% |
| 1208 | 7 Oct 2026 | 3.36% | 3.49% | 5.63% | 6.28% |
| 1209 | 21 Oct 2026 | 3.54% | 3.64% | 5.57% | 6.13% |
BoT’s curve contains fitted points, not 50 individual trades. Its public portal does not name the fitting method. KCP adds no fitted or interpolated points.
Gap = auction yield minus the nearest published curve point: 182 days versus 6M, 364 days versus 1Y. Positive means the auction cleared above the curve. Both dates remain visible.
BoT may revise auctions or the curve. These tables show the retained record; check the official source for subsequent releases.