Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

  04 November 2019    Read: 524
Demand at deposit auction of Azerbaijan

The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Nov. 4, Trend reports referring to CBA.

Supply exceeded demand over 3.7 times and reached 558.7 million manat ($328.6 million).

The interest rate on deposit transactions concluded within the auction was 6.01 percent. Term of placement of funds is 14 days.

The CBA started to hold deposit auctions in mid-June 2016. Deposit auction is an auction during which the deposits of commercial banks are placed in CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on Nov. 4)

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