Baku, Azerbaijan, March 6
By Anvar Mammadov – Trend:
The Central Bank of Azerbaijan (CBA) raised 41.4 million manats (1.7548 AZN/USD on March 6) at a deposit auction, the CBA said March 6.
The CBA was ready to receive 150 million manats from banks, however, the demand was less than supply. The weighted average interest rate on deposit transactions at the auction was 14.79 percent.
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.
Thirty two banks, including two state-owned, operate in Azerbaijan.