South Africa Treasury bills · auction of 9 May 2003
South Africa T-bill auction, 9 May 2003: 91-day at 12.67%, down 6 bps
At the Treasury bill auction dated 9 May 2003, the South African Reserve Bank cleared the 91-day bill at 12.67% (down 6 basis points) and the 182-day bill at 12.09% (down 22 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 11.24% to 12.78%.
A year earlier the 91-day bill cleared at 10.99%, so the government is paying 168 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,045 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 106,045 after 6 months: ZAR 6,045 in interest before any withholding tax, about ZAR 1,008 a month.
That is ZAR 110 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,168 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 | 12.670% | 12.730% | — | — | — |
| 182-day | 12.090% | 12.310% | — | — | — |
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, 9 May 2003, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2003-05-09
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