South Africa Treasury bills · auction of 28 March 2014
South Africa T-bill auction, 28 March 2014: 364-day at 6.15%, down 20 bps
At the Treasury bill auction dated 28 March 2014, the South African Reserve Bank cleared the 91-day bill at 5.66% (down 7 basis points), the 182-day bill at 5.90% (down 20 basis points) and the 364-day bill at 6.15% (down 20 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
Over the past year the 364-day rate has ranged from 4.84% to 6.79%.
A year earlier the 364-day bill cleared at 5.05%, so the government is paying 110 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,150 in 12 months on the 364-day bill
Put ZAR 100,000 into the 364-day bill at this auction and you get back ZAR 106,150 after 12 months: ZAR 6,150 in interest before any withholding tax, about ZAR 513 a month.
That is ZAR 200 less than the same money would have earned at the previous auction.
For shorter money: ZAR 2,950 on the 182-day bill (6 months), ZAR 1,415 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 | 5.660% | 5.730% | — | — | — |
| 182-day | 5.900% | 6.100% | — | — | — |
| 364-day | 6.150% | 6.350% | — | — | — |
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, 28 March 2014, compiled from the South African Reserve Bank. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2014-03-28
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