South Africa Treasury bills · auction of 19 May 2023
South Africa T-bill auction, 19 May 2023: 364-day at 8.56%, up 17 bps
At the Treasury bill auction dated 19 May 2023, the South African Reserve Bank cleared the 91-day bill at 8.15% (up 7 basis points), the 182-day bill at 8.79% (up 18 basis points) and the 364-day bill at 8.56% (up 17 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 8.56%, the 364-day rate is the highest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 6.09%, so the government is paying 247 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 8,560 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 108,560 after 12 months: ZAR 8,560 in interest before any withholding tax, about ZAR 713 a month.
That is ZAR 170 more than the same money would have earned at the previous auction.
For shorter money: ZAR 4,395 on the 182-day bill (6 months), ZAR 2,038 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 | 8.150% | 8.080% | — | — | — |
| 182-day | 8.790% | 8.610% | — | — | — |
| 364-day | 8.560% | 8.390% | — | — | — |
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, 19 May 2023, compiled from the South African Reserve Bank. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2023-05-19
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