BAKU, Azerbaijan, July 3. The Azerbaijani Ministry of Finance has held the next deposit auction to allocate the unencumbered balance of the Unified Treasury Account into the national currency as deposits within domestic financial institutions with the aim of more effective management of the state budget funds, a source in the ministry told Trend.
According to the results of the auction, the balance of the unified treasury account for 500 million manat ($294 million) was placed on deposit for 29 days at a weighted average interest rate of 7.25 percent in three banks that submitted bids from the five largest banks in the country in terms of capitalization and asset size.
The previous deposit auction was held by the ministry on June 20. According to its results, the capital allocations were executed for a duration of 28 days, yielding an average weighted yield of seven percent.
