Treasury Bills are short-term government securities issued by the Government of Uganda through the Bank of Uganda.
If you are looking for the current Treasury Bill rates in Uganda, there are three main maturities to compare: 91 days, 182 days and 364 days.
The rates change from one auction to another depending on market demand and the results of the Bank of Uganda auction.
Here are the latest Treasury Bill rates following Issue No. 1234, auctioned on 2 September 2026.
Current Treasury Bill Rates in Uganda
| reasury Bill | Money Market Yield | Effective Yield | Maturity Date |
|---|---|---|---|
| 91-Day | 9.749% | 10.112% | 3 Dec 2026 |
| 182-Day | 9.999% | 10.250% | 4 Mar 2027 |
| 364-Day | 10.999% | 11.001% | 2 Sep 2027 |
Auction date: 2 September 2026
Settlement date: 3 September 2026
Next Treasury Bills auction: 30 September 2026
The 364-Day Treasury Bill currently has the highest yield of the three maturities, while the 91-Day Treasury Bill has the shortest investment period.
That does not automatically make one better than the other. The maturity you choose affects how long your money is invested and should fit when you expect to need it again.
What Is the Interest Rate on Treasury Bills in Uganda?
There is no single Treasury Bill interest rate in Uganda.
The Bank of Uganda issues Treasury Bills across three standard maturities, and each can have a different yield.
As of the latest auction:
91-Day Treasury Bill: 9.749%
182-Day Treasury Bill: 9.999%
364-Day Treasury Bill: 10.999%
These are annualised money market yields.
This distinction matters because a 91-Day Treasury Bill yielding 9.749% does not mean you earn 9.749% of your investment in 91 days. The quoted yield expresses the return on an annualised basis so investors can compare securities with different maturities.
Treasury Bills themselves work differently from investments that simply pay a stated annual interest rate.
How Treasury Bills Generate Returns
Treasury Bills do not normally pay regular interest or coupon payments during the investment period.
Instead, they are issued at a discount to their face value.
You pay an amount below the value of the Treasury Bill at maturity. When the Bill matures, you receive its full face value.
The difference between what you paid and what you receive at maturity represents your investment return, before applicable taxes and other considerations.
For example, suppose a Treasury Bill has a face value of UGX 1,000,000.
You would invest less than UGX 1,000,000 at the beginning. At maturity, the Government pays the UGX 1,000,000 face value.
Your return is the difference.
The exact purchase price depends on the yield and remaining term of the Treasury Bill.
This is also why simply taking the published annualised yield and multiplying it by the amount you want to invest will not always give you the correct Treasury Bill return.
Our guide on how to calculate returns on Treasury Bills in Uganda explains the calculation in more detail with practical examples.
91-Day Treasury Bill Rate in Uganda
The latest 91-Day Treasury Bill money market yield is 9.749%, with an effective yield of 10.112%.
The Treasury Bill from the latest auction has:
ISIN: UG11B0312261
Maturity date: 3 December 2026
Amount offered: UGX 15 billion
The 91-Day Treasury Bill is the shortest of the three standard maturities.
This shorter period can be relevant when comparing Treasury Bills based on how long you want your money invested rather than looking at yield alone.
At the September auction, investors submitted approximately UGX 62.10 billion in bids for the UGX 15 billion initially offered. Bank of Uganda accepted approximately UGX 7.09 billion.
The bid-to-cover ratio was 8.757, showing that bids received were considerably higher than the amount initially offered for this maturity.
182-Day Treasury Bill Rate in Uganda
The latest 182-Day Treasury Bill money market yield is 9.999%, with an effective yield of 10.250%.
The security has:
ISIN: UG11C0403274
Maturity date: 4 March 2027
Amount offered: UGX 35 billion
The 182-Day Treasury Bill sits between the shorter 91-Day Bill and the longer 364-Day Bill.
Bank of Uganda received approximately UGX 115.28 billion in bids for this maturity and accepted approximately UGX 16.98 billion.
Its bid-to-cover ratio was 6.791.
For an investor, the important comparison is not simply that 9.999% is higher than 9.749%. The additional investment period also needs to make sense for the money you are investing.
364-Day Treasury Bill Rate in Uganda
The latest 364-Day Treasury Bill money market yield is 10.999%, with an effective yield of 11.001%.
The security has:
ISIN: UG11E0209271
Maturity date: 2 September 2027
Amount offered: UGX 300 billion
This is the longest standard Treasury Bill maturity and currently carries the highest money market yield of the three.
Demand was also substantial.
Bank of Uganda received approximately UGX 626.71 billion in bids and accepted approximately UGX 441.83 billion, compared with the UGX 300 billion initially offered.
The bid-to-cover ratio was 1.418.
An investor choosing the 364-Day Treasury Bill is therefore accepting a longer investment period than someone choosing the 91-Day or 182-Day Bill.
Why Are the 91-Day, 182-Day and 364-Day Rates Different?
Treasury Bill yields are determined through the auction process rather than being permanently set by Bank of Uganda.
Before an auction, Bank of Uganda announces how much it intends to offer across the different maturities.
Investors then submit bids.
The interaction between the prices investors are willing to pay, demand for the securities and the amount Bank of Uganda ultimately accepts contributes to the resulting auction yields.
That means the 91-Day, 182-Day and 364-Day Bills can all produce different rates at the same auction.
It also means the rates can move at the next auction.
Why Do Treasury Bill Rates Change?
Several market conditions can influence Treasury Bill yields over time.
Government financing requirements can affect how much is being raised from the domestic market.
Investor demand also matters. When demand for government securities changes, the prices investors are willing to accept can change with it.
Inflation and broader interest-rate conditions can also influence the returns investors require when committing their money.
The result is that a Treasury Bill bought today may have a different yield from a Treasury Bill of the same maturity offered at a future auction.
This is why investors looking for current Treasury Bill rates should use the latest Bank of Uganda auction results, rather than relying on rates published several months earlier.
We will continue updating this page as new Treasury Bill auction results are released.
Money Market Yield vs Effective Yield
You may notice that Bank of Uganda publishes more than one yield figure in its Treasury Bill auction results.
For example, the September auction reported the following for the 91-Day Treasury Bill:
Money market yield: 9.749%
Effective yield: 10.112%
These figures are calculated differently.
The money market yield provides a standardised way of quoting the return on a short-term security.
The effective yield takes into account the return relative to the actual amount invested and annualises it using a different calculation.
This is why the two figures can differ even though they refer to the same Treasury Bill.
When comparing Treasury Bill rates, make sure you are comparing the same type of yield across the different securities.
How Much Money Do You Need to Invest in Treasury Bills in Uganda?
For Treasury Bills Issue No. 1234, Bank of Uganda set the minimum non-competitive bid at UGX 100,000.
This is different from a competitive bid.
Competitive bidding is reserved for Primary Dealer Banks, and the minimum competitive bid for this auction was UGX 200.1 million.
For individual investors participating through the non-competitive route, the minimum specified for the auction was UGX 100,000.
Bank of Uganda also stated that non-competitive bids would be accepted at the auction cut-off price, subject to the applicable auction rules.
How Are Treasury Bill Rates Set at Auction?
Bank of Uganda announces a Treasury Bills auction before the auction date.
The announcement specifies the securities being offered, the amount available, maturity dates, bid requirements and submission deadline.
For Issue No. 1234, Bank of Uganda initially offered:
UGX 15 billion in 91-Day Treasury Bills
UGX 35 billion in 182-Day Treasury Bills
UGX 300 billion in 364-Day Treasury Bills
That brought the total initial offer to UGX 350 billion.
Primary Dealer Banks can submit competitive bids specifying prices.
Other investors can participate through non-competitive bids submitted through commercial banks.
After receiving the bids, Bank of Uganda determines the successful bids and publishes the auction results, including the cut-off price and resulting yields.
Those results then become the latest reference point for Treasury Bill rates in Uganda.
Treasury Bill Rates vs Treasury Bond Rates
Treasury Bills and Treasury Bonds are both securities issued by the Government of Uganda, but their investment periods and return structures are different.
Treasury Bills have shorter maturities of 91, 182 and 364 days. They are generally purchased at a discount and redeemed at face value.
Treasury Bonds are longer-term securities and generally provide coupon payments every six months.
This means an investor looking at the 364-Day Treasury Bill rate should not automatically compare it directly with the coupon displayed on a Treasury Bond.
Coupon and yield are different measures, and the investment periods are also different.
If you are comparing the two, our Treasury Bond rates in Uganda page shows the current yields and explains how Treasury Bond rates work.
Which Treasury Bill Should You Choose?
The highest yield is only one consideration.
Start with when you will need the money.
If you choose a 91-Day Treasury Bill, your investment reaches maturity much sooner than a 364-Day Treasury Bill.
If you choose the 364-Day Bill because it currently offers a higher yield, you are also committing to a longer maturity.
You should therefore compare:
Yield
What return is currently available?
Maturity
How long will your money be invested?
Your financial goal
When do you expect to need the money?
Alternative investments
Would another Treasury Bill maturity or another investment product better fit that goal?
The aim is not necessarily to find the Treasury Bill with the largest number beside it. It is to understand what you receive in return for the period you are committing your money.
How to Invest in Treasury Bills in Uganda
Treasury Bills can be purchased through the Bank of Uganda government securities market.
For the September 2026 auction, non-competitive investors could submit bids through commercial banks, with Bank of Uganda setting the minimum non-competitive bid at UGX 100,000.
The process includes having the required securities account, funding your investment and submitting your bid according to the applicable auction requirements.
If you are new to the process, our guide to buying Treasury Bills in Uganda takes you through the process step by step.
When Is the Next Treasury Bills Auction in Uganda?
The next Bank of Uganda Treasury Bills auction is scheduled for 30 September 2026.
The rates from that auction may be higher or lower than those recorded on 2 September.
Once the new results are released, the current rates on this page should be updated so investors can continue using it as the reference point for the latest 91-Day, 182-Day and 364-Day Treasury Bill rates in Uganda.
Frequently Asked Questions
What is the Treasury Bill rate in Uganda today?
Based on the latest Bank of Uganda auction held on 2 September 2026, the money market yields are 9.749% for the 91-Day Treasury Bill, 9.999% for the 182-Day Treasury Bill and 10.999% for the 364-Day Treasury Bill.
What is the 91-Day Treasury Bill rate in Uganda?
The latest 91-Day Treasury Bill money market yield is 9.749%, with an effective yield of 10.112%.
What is the 182-Day Treasury Bill rate in Uganda?
The latest 182-Day Treasury Bill money market yield is 9.999%, with an effective yield of 10.250%.
What is the 364-Day Treasury Bill rate in Uganda?
The latest 364-Day Treasury Bill money market yield is 10.999%, with an effective yield of 11.001%.
Which Treasury Bill currently has the highest rate?
The 364-Day Treasury Bill currently has the highest money market yield at 10.999% based on the 2 September 2026 auction.
Are Treasury Bill rates fixed?
No. Treasury Bill yields are determined through Bank of Uganda auctions and can change from one auction to another.
Do Treasury Bills pay interest every month?
No. Treasury Bills do not normally make monthly coupon payments. They are generally purchased at a discount and redeemed at face value when they mature.
How much do I need to invest in Treasury Bills in Uganda?
For Issue No. 1234, Bank of Uganda specified a minimum non-competitive bid of UGX 100,000.
When is the next Treasury Bills auction?
The next Treasury Bills auction is scheduled for 30 September 2026.