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

  07 January 2020    Read: 1236
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.


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