The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Dec. 23.
The supply exceeded the demand by almost 5.2 times and reached 783.1 million manat ($460.6 million).
The interest rate on deposit transactions concluded within the auction was 5.76 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.
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