South Africa Treasury bills · auction of 31 October 2014
South Africa T-bill auction, 31 October 2014: 364-day at 6.03%, down 7 bps
At the Treasury bill auction dated 31 October 2014, the South African Reserve Bank cleared the 91-day bill at 5.78% (down 4 basis points), the 182-day bill at 5.96% (down 5 basis points) and the 364-day bill at 6.03% (down 7 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 5.42% to 6.79%.
A year earlier the 364-day bill cleared at 5.39%, so the government is paying 64 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,030 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 106,030 after 12 months: ZAR 6,030 in interest before any withholding tax, about ZAR 503 a month.
That is ZAR 70 less than the same money would have earned at the previous auction.
For shorter money: ZAR 2,980 on the 182-day bill (6 months), ZAR 1,445 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 | 5.780% | 5.820% | — | — | — |
| 182-day | 5.960% | 6.010% | — | — | — |
| 364-day | 6.030% | 6.100% | — | — | — |
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, 31 October 2014, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2014-10-31
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