South Africa Treasury bills · auction of 20 August 2021
South Africa T-bill auction, 20 August 2021: 91-day at 3.89%, up 41 bps
At the Treasury bill auction dated 20 August 2021, the South African Reserve Bank cleared the 91-day bill at 3.89% (up 41 basis points) and the 182-day bill at 4.32% (up 11 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
Over the past year the 91-day rate has ranged from 3.43% to 3.95%.
A year earlier the 91-day bill cleared at 3.69%, so the government is paying 20 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 2,160 in 6 months on the 182-day bill
Put ZAR 100,000 into the 182-day bill at this auction and you get back ZAR 102,160 after 6 months: ZAR 2,160 in interest before any withholding tax, about ZAR 360 a month.
That is ZAR 55 more than the same money would have earned at the previous auction.
For shorter money: ZAR 973 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 | 3.890% | 3.480% | — | — | — |
| 182-day | 4.320% | 4.210% | — | — | — |
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 August 2021, compiled from the South African Reserve Bank. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2021-08-20
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