South Africa Treasury bills · auction of 14 September 2026
South Africa T-bill auction, 14 September 2026: 364-day at 7.33%, up 5 bps
At the Treasury bill auction dated 14 September 2026, the South African Reserve Bank cleared the 91-day bill at 6.83% (down 3 basis points), the 182-day bill at 7.35% (up 11 basis points) and the 364-day bill at 7.33% (up 5 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 7.33%, the 364-day rate is the highest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 7.00%, so the government is paying 33 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,330 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 107,330 after 12 months: ZAR 7,330 in interest before any withholding tax, about ZAR 611 a month.
That is ZAR 50 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,675 on the 182-day bill (6 months), ZAR 1,708 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 | 6.830% | 6.860% | — | — | — |
| 182-day | 7.350% | 7.240% | — | — | — |
| 364-day | 7.330% | 7.280% | — | — | — |
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, 14 September 2026, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2026-09-14
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