South Africa Treasury bills · auction of 12 September 2003
South Africa T-bill auction, 12 September 2003: 91-day at 9.21%, down 83 bps
At the Treasury bill auction dated 12 September 2003, the South African Reserve Bank cleared the 91-day bill at 9.21% (down 83 basis points) and the 182-day bill at 8.87% (down 62 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 9.21%, the 91-day rate is the lowest in the 51 auctions of the past year.
A year earlier the 91-day bill cleared at 11.90%, so the government is paying 269 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 4,435 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 104,435 after 6 months: ZAR 4,435 in interest before any withholding tax, about ZAR 739 a month.
That is ZAR 310 less than the same money would have earned at the previous auction.
For shorter money: ZAR 2,303 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 | 9.210% | 10.040% | — | — | — |
| 182-day | 8.870% | 9.490% | — | — | — |
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, 12 September 2003, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2003-09-12
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