South Africa Treasury bills · auction of 23 August 2002
South Africa T-bill auction, 23 August 2002: 91-day at 11.55%, up 18 bps
At the Treasury bill auction dated 23 August 2002, the South African Reserve Bank cleared the 91-day bill at 11.55% (up 18 basis points) and the 182-day bill at 11.51% (up 17 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 11.55%, the 91-day rate is the highest in the 46 auctions of the past year.
A year earlier the 91-day bill cleared at 9.35%, so the government is paying 220 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 5,755 in 6 months on the 182-day bill
Put ZAR 100,000 into the 182-day bill at this auction and you get back ZAR 105,755 after 6 months: ZAR 5,755 in interest before any withholding tax, about ZAR 959 a month.
That is ZAR 85 more than the same money would have earned at the previous auction.
For shorter money: ZAR 2,888 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is South Africa’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 11.550% | 11.370% | — | — | — |
| 182-day | 11.510% | 11.340% | — | — | — |
Source: South African Reserve Bank result · average rate at which bills are allotted in the weekly auction
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Afronomics (2026). South Africa Treasury bill auction, 23 August 2002, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2002-08-23
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