South Africa Treasury bills · auction of 27 March 2020
South Africa T-bill auction, 27 March 2020: 364-day at 5.88%, down 1 bps
At the Treasury bill auction dated 27 March 2020, the South African Reserve Bank cleared the 91-day bill at 5.60% (down 16 basis points), the 182-day bill at 5.96% (down 6 basis points) and the 364-day bill at 5.88% (down 1 basis point). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 5.88%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 7.19%, so the government is paying 131 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 5,880 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 105,880 after 12 months: ZAR 5,880 in interest before any withholding tax, about ZAR 490 a month.
That is ZAR 10 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 1,400 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 | 5.600% | 5.760% | — | — | — |
| 182-day | 5.960% | 6.020% | — | — | — |
| 364-day | 5.880% | 5.890% | — | — | — |
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, 27 March 2020, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-03-27
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