Azerbaijan places AZN 500 mln in top banks at 7.04% via deposit auction

Azerbaijan’s Ministry of Finance held another deposit auction on April 24 to improve the efficiency of state budget fund management through the placement of idle balances from the Single Treasury Account in national currency with local banks.

According to the ministry, AZN 500 million was deposited for 32 days in the country’s five largest banks by capital and assets, at a weighted average interest rate of 7.04%.