BAKU, Azerbaijan, April 11. The Ministry of Finance of the Republic of Azerbaijan has conducted its first-ever deposit auction as part of efforts to manage state budget funds more efficiently, Trend reports via the ministry.
The auction was organized to place the free balance of the unified treasury account in national currency into deposits at local banks, to enhance the management of the state budget by optimizing the use of surplus funds.
As a result of the auction, the free balance of the unified treasury account, totaling 1 billion manat ($588.2 million), was deposited in 4 systemically important banks for a period of 3 months at an average weighted interest rate of 7.21 percent.
The rollout of deposit auctions is anticipated to bolster state
revenue while simultaneously enhancing liquidity in the banking
sector.
The Ministry of Finance is set to broaden the application of these
tools, rolling out innovative strategies for overseeing public
finances and boosting revenue streams for the national budget.
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