Demand exceeds supply by 7 times at deposit auction of Central Bank of Azerbaijan

Wed 14 Aug 2019 10:54 GMT | 14:54 Local Time

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The Central Bank of Azerbaijan (CBA) raised 100 million manats from banks at a deposit auction on Aug. 14, Trend reports referring to the CBA.

The supply greatly exceeded the demand and reached 682.2 million manats.

The interest rate on deposit transactions concluded within the auctions was 6.26 percent. Term of placement of funds is 12 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 the CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on Aug. 14)

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