In order to manage state budget funds more efficiently and generate additional income from the treasury account balance, the Ministry of Finance held 4 deposit auctions during the current month of July, and a total of 174 million manats from the treasury account balance was placed in time deposits at the country’s commercial banks.
This was reported to “Elchi” by the ministry.
In the first auction held on July 9, a treasury account balance of 73 million manats was placed in 4 commercial banks for a period of 28 days at a weighted average interest rate of 7.24 percent.
In the next auction held on July 16, funds amounting to 40 million manats were placed in 4 commercial banks for a period of 28 days at a weighted average interest rate of 6.52 percent.
In the auction held on July 23, with the participation of 2 commercial banks, a treasury account balance of 31 million manats was placed in deposits for a period of 28 days at a weighted average interest rate of 6.55 percent.
In the final auction held on July 30, with the participation of 3 commercial banks, a treasury account balance of 30 million manats was placed in deposits for a period of 84 days at a weighted average interest rate of 6.53 percent.
The Ministry of Finance continues the practice of placing treasury account balances in the country’s commercial banks through deposit auctions based on market principles in order to increase the efficiency of state budget fund management.