South Africa Treasury bills · auction of 21 August 2020
South Africa T-bill auction, 21 August 2020: 364-day at 3.74%, down 8 bps
At the Treasury bill auction dated 21 August 2020, the South African Reserve Bank cleared the 91-day bill at 3.57% (down 12 basis points), the 182-day bill at 3.64% (down 14 basis points) and the 364-day bill at 3.74% (down 8 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 3.74%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 7.01%, so the government is paying 327 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 3,740 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 103,740 after 12 months: ZAR 3,740 in interest before any withholding tax, about ZAR 312 a month.
That is ZAR 80 less than the same money would have earned at the previous auction.
For shorter money: ZAR 1,820 on the 182-day bill (6 months), ZAR 892 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 | 3.570% | 3.690% | — | — | — |
| 182-day | 3.640% | 3.780% | — | — | — |
| 364-day | 3.740% | 3.820% | — | — | — |
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 August 2020, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-08-21
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