"The Treasury has moved completely toward online bidding, whether we're auctioning CDs or selling bonds," said Treasurer Kennedy. "Our web auctions and sales are similar to
Using BidLouisiana.com, the Treasury awards cash to winning banks with the highest bids in exchange for CDs. Each bank's bid consists of the amount of money it needs and the interest rate it is willing to pay. Bids in January's auction ranged from 0.065 percent to 0.07 percent.
"The state relies on CDs as a stable, low-risk investment," said Treasurer Kennedy. "But the program is also beneficial to banks because BidLouisiana makes more cash available for businesses and individual customers. This results in more money moving into our communities through small business and consumer loans."
Over the past 13 years, the state has accepted
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