South Africa Treasury bills · auction of 4 September 2020
South Africa T-bill auction, 4 September 2020: 364-day at 3.72%, down 2 bps
At the Treasury bill auction dated 4 September 2020, the South African Reserve Bank cleared the 91-day bill at 3.43% (down 2 basis points), the 182-day bill at 3.58% (down 3 basis points) and the 364-day bill at 3.72% (down 2 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 3.72%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 6.99%, 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 3,720 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 103,720 after 12 months: ZAR 3,720 in interest before any withholding tax, about ZAR 310 a month.
That is ZAR 20 less than the same money would have earned at the previous auction.
For shorter money: ZAR 1,790 on the 182-day bill (6 months), ZAR 858 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 | 3.430% | 3.450% | — | — | — |
| 182-day | 3.580% | 3.610% | — | — | — |
| 364-day | 3.720% | 3.740% | — | — | — |
Source: South African Reserve Bank result · average rate at which bills are allotted in the weekly auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the South African Reserve Bank” and a link to this page.
Afronomics (2026). South Africa Treasury bill auction, 4 September 2020, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-09-04
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.