Demand at deposit auction of Azerbaijan's Central Bank exceeds supply
BAKU, Azerbaijan, Nov. 6
The Baku Stock Exchange held an auction on the placement of short-term notes of the Central Bank of Azerbaijan (CBA), Trend reports referring to the Baku Stock Exchange.
The Baku Stock Exchange raised 170 million manat ($100 million) from the Azerbaijani banks.
The supply exceeded the demand by almost four times. Fourteen investors made 24 applications worth over 664 million manat ($390.6 million).
The cut-off price for competitive bids was set at over 99.5 manat ($58.5) which is 6 percent, the weighted average price was over 99.5 manat ($58.5) which is 6 percent. The volume of notes placed at the auction amounted to 170 million manat ($100 million).
The deadline for payment is Dec. 5, 2020.
The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire the notes.
(1 USD = 1.7 AZN on Nov. 6)