South Africa Treasury bills · auction of 11 February 2022
South Africa T-bill auction, 11 February 2022: 364-day at 5.32%, up 1 bps
At the Treasury bill auction dated 11 February 2022, the South African Reserve Bank cleared the 91-day bill at 3.89% (down 5 basis points), the 182-day bill at 5.02% (down 2 basis points) and the 364-day bill at 5.32% (up 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 4.45% to 5.59%.
A year earlier the 364-day bill cleared at 4.26%, so the government is paying 106 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 5,320 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 105,320 after 12 months: ZAR 5,320 in interest before any withholding tax, about ZAR 443 a month.
That is ZAR 10 more than the same money would have earned at the previous auction.
For shorter money: ZAR 2,510 on the 182-day bill (6 months), 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% | 3.940% | — | — | — |
| 182-day | 5.020% | 5.040% | — | — | — |
| 364-day | 5.320% | 5.310% | — | — | — |
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, 11 February 2022, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2022-02-11
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