BAKU, Azerbaijan, July 11. The Ministry of Finance has organized another deposit auction aimed at more efficient management of the state budget funds by placing national currency treasury funds into deposits at local banks.
Data obtained by Trend from the Ministry indicates that a total of 850 million manat ($500 million) was successfully placed in bank deposits as a result of the auctions.
Specifically, two banks among the country’s five largest by capitalization and asset size received 350 million manat ($205.8 million) in deposits for a 28-day term, with an average weighted interest rate of 7.25 percent.
In another auction, four banks offered bids and were allocated 500 million manat ($294.1 million) in treasury funds for a 90-day term, also at the same average weighted interest rate of 7.25 percent.
