Central Bank of Azerbaijan holds auction, attracts banks' funds
Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 250 million manat ($147 million) from Azerbaijani banks, Trend reports.
According to CBA, supply from banks at the auction exceeded demand by 78.4 percent, reaching 356.8 million manat ($209.8 million).
The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.76 percent.
The term for placing funds is 14 days.
Deadline for the payment is June 22, 2020.
The CBA began to hold deposit auctions in mid-June 2016.
A deposit auction is a bidding process during which the CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.
(1 USD = 1.7 AZN on June 8)