At the Treasury bill auction dated 19 October 2026, the South African Reserve Bank cleared the 91-day bill at 7.12% (down 2 basis points), the 182-day bill at 7.45% (down 2 basis points) and the 364-day bill at 7.50% (down 3 basis points). The rate shown is the average rate at which bills are allotted in the weekly auction.
Over the past year the 364-day rate has ranged from 6.49% to 7.54%.
A year earlier the 364-day bill cleared at 6.95%, so the government is paying 55 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 30 less than the same money would have earned at the previous auction.
For shorter money: ZAR 3,725 on the 182-day bill (6 months), ZAR 1,780 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 | 7.120% | 7.140% | — | — | — |
| 182-day | 7.450% | 7.470% | — | — | — |
| 364-day | 7.500% | 7.530% | — | — | — |
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 October 2026, compiled from the South African Reserve Bank. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/southafrica/2026-10-19
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