The Ministry of Finance of the Republic of Azerbaijan held five deposit auctions in October this year to ensure more efficient management of state budget funds and generate additional income from the treasury account balance, APA-Economics reports, citing the Ministry of Finance.
During the auctions, a total of AZN 704 million from the treasury account balance was placed in term deposits at the country's commercial banks for periods of 28 and 56 days, at a weighted average interest rate of 6.5%.
Note that the mechanism for generating additional income from the treasury account balance is determined by the "Rules for Transferring the Balance of the Single Treasury Account for Management."
Through such instruments, the Ministry of Finance is expanding the application of new approaches to managing public funds, thereby ensuring additional revenues for the state budget.
At the same time, placing funds in commercial banks contributes to increased liquidity in the banking sector.
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