South Africa Treasury bills · auction of 17 February 2023
South Africa T-bill auction, 17 February 2023: 364-day at 7.47%, up 1 bps
At the Treasury bill auction dated 17 February 2023, the South African Reserve Bank cleared the 182-day bill at 7.63% (up 3 basis points) and the 364-day bill at 7.47% (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 5.30% to 7.87%.
A year earlier the 364-day bill cleared at 5.32%, so the government is paying 215 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,470 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 107,470 after 12 months: ZAR 7,470 in interest before any withholding tax, about ZAR 623 a month.
That is ZAR 10 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,815 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 7.630% | 7.600% | — | — | — |
| 364-day | 7.470% | 7.460% | — | — | — |
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, 17 February 2023, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2023-02-17
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