Demand at deposit auction of Azerbaijan's Central Bank exceeds

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

21:16 07 January 2020 Read: 1597

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 Jan. 7, CBA reports.

The supply exceeded the demand by six times and reached 909.1 million manat ($534.7 million).

The interest rate on deposit transactions concluded within the auction was 5.76 percent. The term of placement of funds is 14 days.

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.

More about: #CentralBank

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