The Ministry of Finance draws from the local market additional 15 million AZN through the placement of bonds with a circulation period of 364 days. The auction will take place on October 11.
At the previous auction in Baku Stock Exchange on 20 September the Ministry of Finance placed bonds at an annual average rate of 15.38% per annum. Thus, the T-bills are attractive for finance companies as an investment tool, as the interest rate on them correspond to the refinancing rate of the Central Bank - 15%.
It is noteworthy that over the last six months, the Ministry of Finance has not put T-bills in the dollar issue on auction.
T-bills are means to cover the state budget deficit. -----08D
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