South Africa Treasury bills · auction of 20 November 2020
South Africa T-bill auction, 20 November 2020: 364-day at 3.89%, up 9 bps
At the Treasury bill auction dated 20 November 2020, the South African Reserve Bank cleared the 91-day bill at 3.71% (up 13 basis points), the 182-day bill at 3.82% (up 8 basis points) and the 364-day bill at 3.89% (up 9 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 3.60% to 7.22%.
A year earlier the 364-day bill cleared at 7.08%, so the government is paying 319 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 3,890 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 103,890 after 12 months: ZAR 3,890 in interest before any withholding tax, about ZAR 324 a month.
That is ZAR 90 more than the same money would have earned at the previous auction.
For shorter money: ZAR 1,910 on the 182-day bill (6 months), ZAR 928 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 | 3.710% | 3.580% | — | — | — |
| 182-day | 3.820% | 3.740% | — | — | — |
| 364-day | 3.890% | 3.800% | — | — | — |
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, 20 November 2020, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2020-11-20
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