South Africa Treasury bills · auction of 2 February 2026
South Africa T-bill auction, 2 February 2026: 364-day at 6.56%, down 2 bps
At the Treasury bill auction dated 2 February 2026, the South African Reserve Bank cleared the 91-day bill at 6.67% (down 4 basis points), the 182-day bill at 6.77% (down 1 basis point) and the 364-day bill at 6.56% (down 2 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 6.56%, the 364-day rate is the lowest in the 51 auctions of the past year.
A year earlier the 364-day bill cleared at 7.62%, so the government is paying 106 basis points less than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 6,560 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 106,560 after 12 months: ZAR 6,560 in interest before any withholding tax, about ZAR 547 a month.
That is ZAR 20 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,385 on the 182-day bill (6 months), ZAR 1,667 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 | 6.670% | 6.710% | — | — | — |
| 182-day | 6.770% | 6.780% | — | — | — |
| 364-day | 6.560% | 6.580% | — | — | — |
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, 2 February 2026, compiled from the South African Reserve Bank. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2026-02-02
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