Ethiopian Treasury Bills are short-term Government of Ethiopia securities sold at a discount through National Bank of Ethiopia auctions in 28-, 91-, 182- and 364-day tenors. You buy below face value and receive the full face value at maturity — the difference is your return.
Treasury Bills are short-term government securities issued by the Government of Ethiopia through the National Bank of Ethiopia.
When you invest in a T-Bill, you pay a lower amount upfront and receive the full face value when it matures. The difference between what you pay and what you receive is your return. Governments commonly use T-Bills to raise short-term funding.
What is a Treasury Bill?
A Treasury Bill is a short-term government security, not a long-term investment bond. Unlike savings products that pay interest periodically, T-Bills work differently: you buy them at a discounted price and receive the full value at maturity.
How your return is generated
There are no interest payments along the way. Instead, you buy below face value and collect the full amount at maturity. The gap between the two is your return.
If a T-Bill has a face value of ETB 100,000, you pay less than that today and receive ETB 100,000 when it matures.
Why this matters in Ethiopia
As Ethiopia’s government securities market continues to develop, understanding Treasury Bills helps investors make more informed decisions. T-Bills are often the starting point for learning how Ethiopia’s money market works, and once you understand them, you can:
Ready to move from understanding to participating? The buying guide walks through the whole process, from choosing a licensed intermediary to settlement. How to buy Treasury Bills →
What Is the Minimum Treasury Bill Investment in Ethiopia?
According to the Ethiopian Securities Exchange, the minimum Treasury Bill investment is ETB 5,000. This represents one standard face-value denomination; because the bill is bought at a discount, the purchase price may be slightly lower, before transaction and brokerage fees.
Keep the moving parts separate when planning: the ETB 5,000 is face value — what one bill pays at maturity. The discounted purchase price is what the auction determines you pay today. Brokerage and transaction fees are charged on top by your intermediary, so the total cash required is the purchase price plus fees, which can land near — but usually not exactly at — ETB 5,000 per bill.
Minimum investment per the Ethiopian Securities Exchange's fixed-income instrument specifications (checked 16 Sep 2026). Confirm current terms with your licensed intermediary. ESX fixed-income instruments →
Are Ethiopian Treasury Bill Returns Tax-Exempt?
According to the Ethiopian Securities Exchange, interest earned from Ethiopian government securities is tax-exempt. Investors should confirm whether later legal changes or entity-specific rules apply to their circumstances.
This information is educational, not tax advice. Tax law can change, and treatment can differ by entity type — verify your own position with your intermediary or a tax professional before relying on the exemption.
Tax treatment per the Ethiopian Securities Exchange's fixed-income instrument specifications (checked 16 Sep 2026). ESX fixed-income instruments →
What Treasury Bill Tenors Are Available in Ethiopia?
Ethiopia's Treasury Bill market offers four standard tenors: 28-day, 91-day, 182-day and 364-day bills. Each auction's notice states which tenors and amounts are on offer.
Each tenor has its own guide covering how it works and what to weigh before bidding — see the 28-day, 91-day, 182-day and 364-day guides in the tenor section, and compare their latest auction yields on the analysis pages before choosing.
Compare how each tenor cleared at the most recent auction before assuming one pays more than another. Latest yields by tenor →