South Africa Treasury bills · auction of 13 April 2018
South Africa T-bill auction, 13 April 2018: 364-day at 6.87%, up 8 bps
At the Treasury bill auction dated 13 April 2018, the South African Reserve Bank cleared the 91-day bill at 7.03% (up 7 basis points), the 182-day bill at 7.05% (up 4 basis points) and the 364-day bill at 6.87% (up 8 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 6.70% to 7.62%.
A year earlier the 364-day bill cleared at 7.23%, so the government is paying 36 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,870 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 106,870 after 12 months: ZAR 6,870 in interest before any withholding tax, about ZAR 573 a month.
That is ZAR 80 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,525 on the 182-day bill (6 months), ZAR 1,758 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 | 7.030% | 6.960% | — | — | — |
| 182-day | 7.050% | 7.010% | — | — | — |
| 364-day | 6.870% | 6.790% | — | — | — |
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, 13 April 2018, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2018-04-13
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