South Africa Treasury bills · auction of 28 September 2026
South Africa T-bill auction, 28 September 2026: 364-day at 7.50%, up 13 bps
At the Treasury bill auction dated 28 September 2026, the South African Reserve Bank cleared the 91-day bill at 6.93% (up 8 basis points), the 182-day bill at 7.52% (up 11 basis points) and the 364-day bill at 7.50% (up 13 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
At 7.50%, 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 50 basis points more than twelve months ago.
What this means for ZAR 100,000
Worked from the published rate · information, not advice
ZAR 7,500 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 107,500 after 12 months: ZAR 7,500 in interest before any withholding tax, about ZAR 625 a month.
That is ZAR 130 more than the same money would have earned at the previous auction.
For shorter money: ZAR 3,760 on the 182-day bill (6 months), ZAR 1,733 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 | 6.930% | 6.850% | — | — | — |
| 182-day | 7.520% | 7.410% | — | — | — |
| 364-day | 7.500% | 7.370% | — | — | — |
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, 28 September 2026, compiled from the South African Reserve Bank. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2026-09-28
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