South Africa Treasury bills · auction of 3 December 2021
South Africa T-bill auction, 3 December 2021: 364-day at 5.47%, down 1 bps
At the Treasury bill auction dated 3 December 2021, the South African Reserve Bank cleared the 91-day bill at 3.87% (down 2 basis points), the 182-day bill at 4.84% (up 11 basis points) and the 364-day bill at 5.47% (down 1 basis point). 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 4.12% to 5.48%.
A year earlier the 364-day bill cleared at 4.01%, so the government is paying 146 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 5,470 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 105,470 after 12 months: ZAR 5,470 in interest before any withholding tax, about ZAR 456 a month.
That is ZAR 10 less than the same money would have earned at the previous auction.
For shorter money: ZAR 2,420 on the 182-day bill (6 months), ZAR 968 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 | 3.870% | 3.890% | — | — | — |
| 182-day | 4.840% | 4.730% | — | — | — |
| 364-day | 5.470% | 5.480% | — | — | — |
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, 3 December 2021, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2021-12-03
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