South Africa Treasury bills · auction of 1 September 2023
South Africa T-bill auction, 1 September 2023: 182-day at 8.46%, up 1 bps
At the Treasury bill auction dated 1 September 2023, the South African Reserve Bank cleared the 182-day bill at 8.46% (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 182-day rate has ranged from 6.76% to 9.00%.
A year earlier the 182-day bill cleared at 6.55%, so the government is paying 191 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 4,230 in 6 months on the 182-day bill
Put ZAR 100,000 into the 182-day bill at this auction and you get back ZAR 104,230 after 6 months: ZAR 4,230 in interest before any withholding tax, about ZAR 705 a month.
That is ZAR 5 more than the same money would have earned at the previous auction.
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 | 8.460% | 8.450% | — | — | — |
Source: South African Reserve Bank result · average rate at which bills are allotted in the weekly auction
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Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the South African Reserve Bank” and a link to this page.
Afronomics (2026). South Africa Treasury bill auction, 1 September 2023, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2023-09-01
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