South Africa Treasury bills · auction of 15 September 2025
South Africa T-bill auction, 15 September 2025: 364-day at 6.98%, down 2 bps
At the Treasury bill auction dated 15 September 2025, the South African Reserve Bank cleared the 91-day bill at 6.89% (down 6 basis points), the 182-day bill at 7.09% (down 2 basis points) and the 364-day bill at 6.98% (down 2 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 6.98%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 7.62%, so the government is paying 64 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,980 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 106,980 after 12 months: ZAR 6,980 in interest before any withholding tax, about ZAR 582 a month.
That is ZAR 20 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,545 on the 182-day bill (6 months), ZAR 1,723 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 | 6.890% | 6.950% | — | — | — |
| 182-day | 7.090% | 7.110% | — | — | — |
| 364-day | 6.980% | 7.000% | — | — | — |
Source: South African Reserve Bank result · average rate at which bills are allotted in the weekly auction
Cite or reuse this data
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, 15 September 2025, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2025-09-15
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.