South Africa Treasury bills · auction of 19 January 2026
South Africa T-bill auction, 19 January 2026: 364-day at 6.66%, down 5 bps
At the Treasury bill auction dated 19 January 2026, the South African Reserve Bank cleared the 91-day bill at 6.75% (down 2 basis points), the 182-day bill at 6.85% (down 9 basis points) and the 364-day bill at 6.66% (down 5 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 6.66%, the 364-day rate is the lowest in the 51 auctions of the past year.
A year earlier the 364-day bill cleared at 7.71%, so the government is paying 105 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,660 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 106,660 after 12 months: ZAR 6,660 in interest before any withholding tax, about ZAR 555 a month.
That is ZAR 50 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,425 on the 182-day bill (6 months), ZAR 1,688 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 | 6.750% | 6.770% | — | — | — |
| 182-day | 6.850% | 6.940% | — | — | — |
| 364-day | 6.660% | 6.710% | — | — | — |
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, 19 January 2026, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2026-01-19
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