South Africa Treasury bills · auction of 31 December 2021
South Africa T-bill auction, 31 December 2021: 364-day at 5.52%, up 6 bps
At the Treasury bill auction dated 31 December 2021, the South African Reserve Bank cleared the 91-day bill at 3.85% (up 2 basis points), the 182-day bill at 4.99% (up 6 basis points) and the 364-day bill at 5.52% (up 6 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 5.52%, the 364-day rate is the highest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 4.31%, so the government is paying 121 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 5,520 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 105,520 after 12 months: ZAR 5,520 in interest before any withholding tax, about ZAR 460 a month.
That is ZAR 60 more than the same money would have earned at the previous auction.
For shorter money: ZAR 2,495 on the 182-day bill (6 months), ZAR 963 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 | 3.850% | 3.830% | — | — | — |
| 182-day | 4.990% | 4.930% | — | — | — |
| 364-day | 5.520% | 5.460% | — | — | — |
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, 31 December 2021, compiled from the South African Reserve Bank. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2021-12-31
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