A Bon du Tresor par Adjudication: a short-term security the Malagasy Treasury issues by auction, on maturities of 4, 12, 24, 36 and 52 weeks. Banks and institutions bid rates; the results set the sovereign short-term yield references.

What is Madagascar's Treasury-bill rate today?

The latest auction's weighted average rate per maturity is shown at the top of this page, with its auction date. Rates move auction by auction, roughly fortnightly.

How often are these rates updated?

After each auction, roughly every two weeks. We refresh daily from the BFM's published sheets; each figure keeps its auction date.

Where do these figures come from?

From the auction result sheets published by the Banky Foiben'i Madagasikara, archived and normalised sheet by sheet since 2019. A few older sheets resist automated reading and are kept archived; the series says nothing where the source published nothing.

Madagascar Treasury-bill rates (BTA)

Name: Madagascar Treasury-bill rates (BTA)
Creator: Stileex
License: https://creativecommons.org/licenses/by/4.0/

The weighted average rates of the Bons du Tresor par Adjudication, auction by auction, as published by the central bank: the yield curve, the history and the amounts.

At the 2026-07-03 auction, Madagascar's 52-week Treasury bills settled at a weighted average rate of 7.76 %, and 7.20 % across all maturities. Source: auction results published by the Banky Foiben'i Madagasikara.

52-week rate

7.76 %

Weighted average at the 2026-07-03 auction.

All-maturities rate

7.20 %

Weighted average across the 2026-07-03 auction.

Stileex indicator

Bid-to-cover ratio

5.00

100.1 bn Ar submitted for 20.0 bn Ar announced at the 2026-04-22 auction.

The yield curve at the 2026-07-03 auction

Maturity	4 weeks	12 weeks	24 weeks	36 weeks	52 weeks
Weighted average rate	2.49 %	3.07 %	3.90 %	5.50 %	7.76 %

A dash means the maturity was not served at this auction. Values in percent.

Rates auction by auction, since 2019

One line per maturity, one point per auction. A gap means the maturity was not served. Source: BFM, auction results.

See the recent auctions

Auction	4 weeks	12 weeks	24 weeks	36 weeks	52 weeks
2026-07-03	2.49	3.07	3.90	5.50	7.76
2026-06-19	2.49	3.07	3.93	5.50	6.21
2026-06-05	2.40	3.03	3.83	5.41	5.98
2026-05-22	2.40	3.04	3.86	5.42	6.30
2026-05-08	2.40	3.35	3.95	5.42	7.50
2026-04-24	3.50	4.50	5.50	7.50	8.52
2026-04-22	3.50	4.50	5.50	7.50	8.52
2026-04-08	4.15	5.20	6.53	8.65	10.12
2026-03-25	4.42	5.41	6.57	8.68	10.36
2026-03-11	4.48	5.54	6.66	8.71	-
2026-02-25	4.60	5.65	6.84	8.71	-
2026-02-12	4.66	5.69	7.00	8.74	11.40
2026-01-28	4.80	5.67	8.15	8.93	-
2025-12-30	-	5.56	8.33	-	11.93
2025-12-03	4.85	5.87	8.47	-	12.42
2025-11-05	4.90	5.62	-	-	12.62
2025-10-22	4.90	6.04	-	-	12.54
2025-10-08	-	6.04	-	-	12.63
2025-09-10	-	5.99	8.50	-	12.24
2025-08-27	4.90	5.98	8.58	-	12.48
2025-08-13	-	5.94	8.50	9.00	12.68
2025-07-30	4.93	5.98	-	-	12.73
2025-07-16	4.96	5.93	-	-	12.94
2025-06-18	5.00	-	8.35	-	12.97

Weighted average rates in percent.

See the policy rate See the interbank rate See inflation

Method and source

The figures come from the auction result sheets published by the Banky Foiben'i Madagasikara: the per-auction results since 2019 and the last-five-auctions sheet, which carries the freshest ones. We archive each sheet, rebuild the tables positionally and normalise the weighted average rate per maturity and the auction amounts. One point per auction, roughly fortnightly. Measures only, not investment advice.

Source: Banky Foiben'i Madagasikara (BFM)

API access

Each maturity's weighted average rate is available as JSON, for your services and your agents.

52-week rate: GET https://api.stileex.xyz/v1/series/mg/treasury-bill-rate-52w/latest
12-week rate: GET https://api.stileex.xyz/v1/series/mg/treasury-bill-rate-12w/latest
All series: GET https://api.stileex.xyz/v1/series/mg

Frequently asked questions

What is a BTA?: A Bon du Tresor par Adjudication: a short-term security the Malagasy Treasury issues by auction, on maturities of 4, 12, 24, 36 and 52 weeks. Banks and institutions bid rates; the results set the sovereign short-term yield references.
What is Madagascar's Treasury-bill rate today?: The latest auction's weighted average rate per maturity is shown at the top of this page, with its auction date. Rates move auction by auction, roughly fortnightly.
How often are these rates updated?: After each auction, roughly every two weeks. We refresh daily from the BFM's published sheets; each figure keeps its auction date.
Where do these figures come from?: From the auction result sheets published by the Banky Foiben'i Madagasikara, archived and normalised sheet by sheet since 2019. A few older sheets resist automated reading and are kept archived; the series says nothing where the source published nothing.