Dar es Salaam — The Treasury Bills floated on Wednesday January 09, 2020 by the Bank of Tanzania (BoT) has undersubscribed by 70 percent, signaling low investors turnout as the year entered into the second week of this year.
The auction results published on BoT website, Wednesday January 09, 2020 has shown that the government targeted to collect a total of Sh107.2 billion but only Sh34.4 billion tendered.
The report shows that a total of 23 bids received, but only 20 bids valued Sh28.8 billion were successful.
The 35-days, 91-days and 182-days maturity were oversubscribed, which indicated that investors were seeking short term earnings.
On 35-days maturity, a total of Sh2 billion tendered against offered Sh1 billion while the 91-days maturity a total of Sh3.4 billion tendered against offered Sh1.7 billion.
For six months maturity, a total of Sh5.9 billion tendered against offered Sh3 billion.
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However, the one year maturity bills were undersubscribed by nearly quarter to Sh23 billion against offered Sh101.5 billion.
Similar experience was also recorded during the previous auction held on December 24, last year whereby a total of Sh62 billion tendered against offered Sh107.2 billion