Azerbaijan’s Central Bank to raise 150M manats at auction

Central Bank of Azerbaijan (CBA) will hold a deposit auction on May 1 to raise funds, said the CBA Apr. 28.

CBA is ready to receive 150 million Azerbaijani manats from banks, with interest rate on deposits varying from 12.01 percent to 14.99 percent, Trend reports.

Despite the high demand for the placement of manat funds, the CBA decreased the volume of funds to be raised. During the auction held Apr. 28, the supply amounted to 250 million manats, while the demand totaled 350 million manats.

The auction will be held on the Bloomberg trading platform. The funds will be placed for a period of 14 days.

CBA began to hold deposit auctions in mid-June 2016. Thirty-two banks, including two state-owned ones, operate in Azerbaijan.

(1.7025 manats = $1 on Apr. 28)


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