South Africa Treasury bills · auction of 20 January 2025
South Africa T-bill auction, 20 January 2025: 364-day at 7.68%, down 3 bps
At the Treasury bill auction dated 20 January 2025, the South African Reserve Bank cleared the 182-day bill at 7.95% (down 3 basis points) and the 364-day bill at 7.68% (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 7.62% to 8.44%.
A year earlier the 364-day bill cleared at 8.33%, so the government is paying 65 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,680 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 107,680 after 12 months: ZAR 7,680 in interest before any withholding tax, about ZAR 640 a month.
That is ZAR 30 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,975 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 | 7.950% | 7.980% | — | — | — |
| 364-day | 7.680% | 7.710% | — | — | — |
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, 20 January 2025, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2025-01-20
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