South Africa Treasury bills · auction of 24 July 2023
South Africa T-bill auction, 24 July 2023: 364-day at 8.41%, down 18 bps
At the Treasury bill auction dated 24 July 2023, the South African Reserve Bank cleared the 91-day bill at 8.42% (down 18 basis points), the 182-day bill at 8.76% (down 10 basis points) and the 364-day bill at 8.41% (down 18 basis points). 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 6.98% to 8.72%.
A year earlier the 364-day bill cleared at 7.12%, so the government is paying 129 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 8,410 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 108,410 after 12 months: ZAR 8,410 in interest before any withholding tax, about ZAR 701 a month.
That is ZAR 180 less than the same money would have earned at the previous auction.
For shorter money: ZAR 4,380 on the 182-day bill (6 months), ZAR 2,105 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 | 8.420% | 8.600% | — | — | — |
| 182-day | 8.760% | 8.860% | — | — | — |
| 364-day | 8.410% | 8.590% | — | — | — |
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, 24 July 2023, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2023-07-24
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