South Africa Treasury bills · auction of 21 February 2020
South Africa T-bill auction, 21 February 2020: 364-day at 6.35%, down 6 bps
At the Treasury bill auction dated 21 February 2020, the South African Reserve Bank cleared the 91-day bill at 6.31% (down 1 basis point), the 182-day bill at 6.57% (down 4 basis points) and the 364-day bill at 6.35% (down 6 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 6.35%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 7.30%, so the government is paying 95 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,350 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 106,350 after 12 months: ZAR 6,350 in interest before any withholding tax, about ZAR 529 a month.
That is ZAR 60 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,285 on the 182-day bill (6 months), ZAR 1,577 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 | 6.310% | 6.320% | — | — | — |
| 182-day | 6.570% | 6.610% | — | — | — |
| 364-day | 6.350% | 6.410% | — | — | — |
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, 21 February 2020, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-02-21
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