South Africa Treasury bills · auction of 22 January 2024
South Africa T-bill auction, 22 January 2024: 364-day at 8.30%, down 3 bps
At the Treasury bill auction dated 22 January 2024, the South African Reserve Bank cleared the 91-day bill at 8.51% (up 5 basis points), the 182-day bill at 8.71% (down 2 basis points) and the 364-day bill at 8.30% (down 3 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 7.40% to 8.72%.
A year earlier the 364-day bill cleared at 7.59%, so the government is paying 71 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 8,300 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 108,300 after 12 months: ZAR 8,300 in interest before any withholding tax, about ZAR 692 a month.
That is ZAR 30 less than the same money would have earned at the previous auction.
For shorter money: ZAR 4,355 on the 182-day bill (6 months), ZAR 2,128 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 | 8.510% | 8.460% | — | — | — |
| 182-day | 8.710% | 8.730% | — | — | — |
| 364-day | 8.300% | 8.330% | — | — | — |
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, 22 January 2024, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2024-01-22
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