Test of Finance Ministry Shows Banks Ready for Any Interest

Baku / 05.10.17 / Turan: The auction on placement of the Ministry of Finance bonds with a maturity of three months recorded a record interest rate of 4.5% per annum at the Baku Stock Exchange. This is the lowest level of yield on T-bills since 2015.

The Ministry of Finance put up T-bills on October 3 for a total of 10 million manat, which attracted 9 investors. They submitted 20 applications for a total of 32.4 million manat.

The result was successful for the Ministry of Finance. Compared with the previous auction held on August 1, interest rates fell from 7.78% to 4.5% per annum.

This year, the Ministry of Finance issued T-bills for AZN 600 million and state medium-term bonds (circulation period - 2 years) for AZN 100 million. In October this year, according to the schedule of placement, the Ministry of Finance intends to issue bonds for an additional 50 million manat. ----08D

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