BAKU, Azerbaijan - Azerbaijan’s Finance Ministry placed 87 million manats (about $51.2 million) of temporarily available funds from the unified treasury account in commercial banks in September.
The funds were placed at a weighted average annual interest rate of 6.5%, according to information reported by Vesti Baku.
Funds Distributed Through Five Auctions
The ministry distributed the money through five deposit auctions, with maturities of 28 days and 84 days.
The placements are intended to improve the management of budget cash, generate additional treasury income and provide liquidity to the banking sector.
September Volume Was Half the July Level
In July, the ministry placed 174 million manats (about $102.4 million) through four deposit auctions. September’s volume was therefore half the July amount.
The ministry did not disclose how the September funds were divided between the 28-day and 84-day deposits, making it impossible to calculate the precise amount of interest the treasury will earn.