Azerbaijan's Finance Ministry Holds Deposit Auction On Treasury Balance

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 24. The Azerbaijani Ministry of Finance has held the next deposit auction, Trend reports via the ministry.

The 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.

According to the results of the auction, 500 million manat ($294 million) of the free balance from the Single Treasury Account was placed as deposits 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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