South Africa Treasury bills · auction of 3 January 2020
South Africa T-bill auction, 3 January 2020: 364-day at 7.13%, down 4 bps
At the Treasury bill auction dated 3 January 2020, the South African Reserve Bank cleared the 91-day bill at 7.11% (down 5 basis points), the 182-day bill at 7.28% (down 8 basis points) and the 364-day bill at 7.13% (down 4 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 6.93% to 7.54%.
A year earlier the 364-day bill cleared at 7.72%, so the government is paying 59 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,130 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 107,130 after 12 months: ZAR 7,130 in interest before any withholding tax, about ZAR 594 a month.
That is ZAR 40 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,640 on the 182-day bill (6 months), ZAR 1,778 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 | 7.110% | 7.160% | — | — | — |
| 182-day | 7.280% | 7.360% | — | — | — |
| 364-day | 7.130% | 7.170% | — | — | — |
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, 3 January 2020, compiled from the South African Reserve Bank. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-01-03
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