BAKU, Azerbaijan, May 27. The Azerbaijani Ministry of Finance has held the next deposit auction aimed at managing state budget funds more efficiently to place the available balance of the single treasury account, denominated in the national currency, as deposits in local banks, Trend reports via the ministry.
The auction resulted in depositing 500 million manat ($294 million) of the free balance from the single treasury account in the country’s five largest banks, selected based on their capitalization and asset volumes, for a period of 30 days, at an average weighted interest rate of 6.74 percent.
To note, the deposit auctions were held three times before. In
the 1st auction, the free balance of the single treasury account of
one billion manat ($590,000) was deposited in four systemically
important banks for three months at a weighted average interest
rate of 7.21 percent, and in the 2nd auction, the free balance of
the unified treasury account of 500 million manat was deposited in
the five largest banks in the country by capitalization and asset
size for 32 days at a weighted average interest rate of 7.04
percent.
The third auction saw the depositing of 500 million manat ($294
million) of the free balance from the single treasury account in
the country’s five largest banks, selected based on their
capitalization and asset volumes, for a period of 32 days, at an
average weighted interest rate of 7.04 percent.
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