South Africa Treasury bills · auction of 20 March 2003
South Africa T-bill auction, 20 March 2003: 91-day at 12.74%, up 3 bps
At the Treasury bill auction dated 20 March 2003, the South African Reserve Bank cleared the 91-day bill at 12.74% (up 3 basis points) and the 182-day bill at 12.38% (up 41 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
Over the past year the 91-day rate has ranged from 10.24% to 12.78%.
A year earlier the 91-day bill cleared at 10.10%, so the government is paying 264 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,190 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 106,190 after 6 months: ZAR 6,190 in interest before any withholding tax, about ZAR 1,032 a month.
That is ZAR 205 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,185 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 | 12.740% | 12.710% | — | — | — |
| 182-day | 12.380% | 11.970% | — | — | — |
Source: South African Reserve Bank result · average rate at which bills are allotted in the weekly auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the South African Reserve Bank” and a link to this page.
Afronomics (2026). South Africa Treasury bill auction, 20 March 2003, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2003-03-20
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.