BAKU, Azerbaijan, July 25. The Ministry of Finance of Azerbaijan has organized another deposit auction aimed at improving the effective management of state budget funds, Trend reports.
The auction involved placing funds from the treasury account, denominated in the national currency, as deposits in local banks.
The ministry noted that a total of 330 million manat ($194 million) from the treasury account was placed as deposits for 28 days in two of the country’s five largest banks. These banks were selected based on their level of capitalization and total assets.
The funds were placed at an average weighted interest rate of seven percent.