South Africa Treasury bills · auction of 6 February 2004
South Africa T-bill auction, 6 February 2004: 91-day at 7.52%, down 4 bps
At the Treasury bill auction dated 6 February 2004, the South African Reserve Bank cleared the 91-day bill at 7.52% (down 4 basis points) and the 182-day bill at 7.60% (down 14 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 7.02% to 12.76%.
A year earlier the 91-day bill cleared at 12.38%, so the government is paying 486 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 3,800 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 103,800 after 6 months: ZAR 3,800 in interest before any withholding tax, about ZAR 633 a month.
That is ZAR 70 less than the same money would have earned at the previous auction.
For shorter money: ZAR 1,880 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 | 7.520% | 7.560% | — | — | — |
| 182-day | 7.600% | 7.740% | — | — | — |
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, 6 February 2004, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2004-02-06
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