A saver in Kampala who put UGX 1,000,000 into Uganda's one-year Treasury bill at the start of October locked in 11.50% a year. Three weeks later, the same bill paid 14.50%.
At the Bank of Uganda's auction held on 21 October 2026 and settled on 22 October, the 364-day bill rate rose 3.00 points. On UGX 1,000,000, that is UGX 144,990 a year before tax, against UGX 115,010 at the auction before: UGX 29,980 more.
All three bills rose
| Bill | Auction settled 1 October 2026 | Auction settled 22 October 2026 | Change |
|---|---|---|---|
| 91-day | 9.70% | 11.25% | up 1.55 points |
| 182-day | 10.75% | 13.40% | up 2.65 points |
| 364-day | 11.50% | 14.50% | up 3.00 points |
Source: Bank of Uganda auction results; the rate is the weighted average printed by the central bank.
Facts. The longer the bill, the bigger the rise. On UGX 1,000,000 held for a year before tax, the 182-day rate now earns UGX 134,000 against UGX 107,510 at the auction before, a difference of UGX 26,490. The 91-day rate earns UGX 112,490 against UGX 96,990, a difference of UGX 15,500.
Facts. The rise brings the one-year rate back close to where it stood a year ago. At the auction settled on 23 October 2025 the 364-day bill paid 14.95%, so today's rate is 0.45 points lower than a year earlier. The 91-day rate is 0.25 points below its level of a year ago (11.49%); the 182-day rate is 0.33 points above it (13.07%).
What it means
For a saver (Analysis): a bill's rate is fixed on the day it is bought. Someone who bought a one-year bill three weeks before this auction holds 11.50% until it matures; someone who bought at this auction holds 14.50%. Over a year, on UGX 1,000,000, that gap is UGX 29,980 before tax.
For the government (Analysis): the same figures are the cost of borrowing. Uganda is paying 3.00 points more for one-year money than it did three weeks earlier, on every shilling it borrows at that tenor.
For anyone comparing (Analysis): one auction is not a trend. The next result will show whether 14.50% holds or was a single high print.
What to check
- The rate at the next Bank of Uganda bill auction, against the 14.50% here.
- Whether a quoted "yield" is the money-market yield used here, the discount rate or the effective yield: the Bank of Uganda prints all three, and they differ.
- What a bill earns after withholding tax, not just before it.
Every Uganda result, with its source, is on our Uganda T-bill results page. Get the next result by email.
Information, not advice.