Supply exceeds demand by over 6 times at deposit auction of Azerbaijan's Central Bank

Mon 23 Sep 2019 08:52 GMT | 12:52 Local Time

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The Central Bank of Azerbaijan (CBA) raised 100 million manats from banks at a deposit auction on Sept. 23, Trend reports referring to CBA.

The supply greatly exceeded the demand 6.4 times and reached 647.2 million manats.

The interest rate on deposit transactions concluded within the auction was 6.26 percent. Term of placement of funds is 14 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 CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on Sept. 23)

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