South Africa Treasury bills · auction of 30 September 2022
South Africa T-bill auction, 30 September 2022: 364-day at 7.87%, up 16 bps
At the Treasury bill auction dated 30 September 2022, the South African Reserve Bank cleared the 91-day bill at 6.13% (down 7 basis points), the 182-day bill at 7.30% (up 7 basis points) and the 364-day bill at 7.87% (up 16 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 7.87%, the 364-day rate is the highest in the 51 auctions of the past year.
A year earlier the 364-day bill cleared at 4.80%, so the government is paying 307 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,870 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 107,870 after 12 months: ZAR 7,870 in interest before any withholding tax, about ZAR 656 a month.
That is ZAR 160 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,650 on the 182-day bill (6 months), ZAR 1,533 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 | 6.130% | 6.200% | — | — | — |
| 182-day | 7.300% | 7.230% | — | — | — |
| 364-day | 7.870% | 7.710% | — | — | — |
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, 30 September 2022, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2022-09-30
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