Treasury bills, often called T-bills, are short-term government securities issued to raise funds and manage liquidity. Among these, the 90-day or 3-month treasury bill is a key financial instrument that serves as a benchmark for short-term interest rates around the world. Whether you’re a retail investor, institutional player, or just a curious observer, understanding how 90-day treasury bill yields vary by country can help you grasp the global economic climate, assess currency strength, and compare risk-adjusted returns.
In this guide, we’ll break down the 90-day treasury yields across different countries and what they reveal about each nation’s economic outlook, monetary policy, and investment environment as of 2025.
🌍 What Are 90-Day Treasury Bills?
A 90-day treasury bill is a short-term debt instrument issued by a government that matures in 90 days. Investors buy it at a discount to face value and earn the difference at maturity. For example, you might buy a ₦1,000 T-bill for ₦950 and get ₦1,000 at the end of 90 days. The return is considered risk-free in that country’s local currency, because it’s backed by the government.
The yield on a 90-day T-bill reflects:
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The central bank’s short-term interest rate policy
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Investor sentiment on the country’s economic stability
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The level of demand for safe, short-term assets
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Inflation expectations
🏦 Global Overview of 90-Day Treasury Bill Yields (As of 2025)
Here’s a breakdown of how different countries stack up based on their current 90-day T-bill yields. These figures show the annualized return investors receive when purchasing short-term government securities.
🔹 High-Yielding Countries (15% and Above)
These countries typically offer higher interest rates to attract investors due to inflation risks, currency volatility, or macroeconomic challenges.
| Country | 3-Month T-Bill Yield (%) |
|---|---|
| Egypt | 29.6% |
| Ghana | 23.3% |
| Nigeria | 17.7% |
| Russia | 20.0% |
Key Insight: In high-yield environments like Egypt or Ghana, inflation and local currency depreciation are major risks. While the returns are attractive, they’re often priced to match those risks. In Nigeria, the government continues to issue high-yield bills to manage domestic debt and support the naira.
🔹 Moderate-Yielding Countries (6% – 14%)
These countries maintain controlled inflation but offer yields higher than developed nations due to slightly higher risk or the need to support local investment flows.
| Country | 3-Month T-Bill Yield (%) |
|---|---|
| India | 6.7% |
| South Africa | 8.0% |
| Brazil | 11.8% |
| Mexico | 9.8% |
Key Insight: Countries in this range strike a balance between growth, inflation control, and investor confidence. Brazil and Mexico, for instance, are known for offering real returns above inflation, making them attractive to international fixed-income investors. India continues to maintain competitive T-bill yields to support growth while keeping inflation at bay.
🔹 Low-Yielding Countries (1% – 5%)
These are mostly developed economies with stable financial systems and low inflation environments. Yields are low, but risk is minimal.
| Country | 3-Month T-Bill Yield (%) |
|---|---|
| United States | 4.2% |
| Canada | 2.6% |
| Germany | 2.4% |
| New Zealand | 4.3% |
| South Korea | 2.7% |
| China | 2.9% |
Key Insight: These countries provide a safe haven for capital. While returns are modest, they’re generally free from major default risk. The U.S., for example, is the global benchmark for risk-free returns in USD. China maintains relatively low rates to support business lending while trying to control inflation.
🔹 Near-Zero or Negative-Yielding Countries
A few countries, especially those in the Eurozone or with deflationary pressures, have historically offered zero or even negative yields, meaning investors actually pay the government to hold their money in safe assets.
| Country | 3-Month T-Bill Yield (%) |
|---|---|
| Japan | -0.1% |
| Switzerland | 0.0% – 0.2% (fluctuating) |
Key Insight: In these economies, central banks often set rates near zero to stimulate growth. Investors buy T-bills not for return, but for capital preservation and liquidity, especially in uncertain times.
📉 What Affects 90-Day Treasury Bill Yields?
Understanding the forces that shape T-bill yields can help you predict market shifts and compare investment opportunities across countries.
1. Inflation Rate
Yields usually rise with inflation. If inflation in a country is 20%, investors won’t settle for 5% returns.
2. Central Bank Interest Rates
The central bank’s monetary policy directly influences T-bill yields. When rates go up, T-bill yields follow suit.
3. Investor Confidence
Stable countries with predictable policies attract demand, keeping yields low. Uncertainty drives yields up.
4. Currency Strength
High-yielding countries may have weak or unstable currencies. Investors demand higher returns to offset potential FX losses.
5. Supply and Demand
When governments issue a lot of T-bills, they may raise rates to attract buyers. Less supply means lower yields.
📊 How to Use T-Bill Yields as an Investor
Whether you’re investing directly or just analyzing global markets, 90-day yields are a key indicator.
For Local Investors:
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In high-yield markets like Nigeria or Egypt, T-bills offer a safe way to beat inflation, especially when equity markets are underperforming.
For Global Investors:
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Use yield comparisons to spot arbitrage opportunities or hedge currency exposure.
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Combine T-bill investments with forex strategies to profit from both interest rates and currency movements.
For Business Owners:
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3-month T-bill yields help predict borrowing costs and future changes in loan rates.
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They also affect investment decisions, especially for capital-intensive businesses.
🌐 Final Thoughts: What 90-Day T-Bill Yields Reveal in 2025
As of 2025, global treasury bill yields are a mirror of each country’s economic health. High yields signal risk, inflation, or political instability—but also opportunity. Low yields suggest strength, safety, and currency stability—but lower returns.
If you’re planning to invest in treasury bills across borders or want to protect your money from naira devaluation, always weigh:
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The yield
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The currency risk
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The economic stability of the issuing country
T-bills remain one of the safest and most informative financial tools on the global market. They don’t just offer returns—they tell a story about where a country’s economy is heading.
No matter where you are in the world, understanding treasury bill yields can sharpen your financial strategy and elevate your investment game.