...

Demand at deposit auction of Central Bank of Azerbaijan exceeds supply

Business Materials 20 June 2018 13:13 (UTC +04:00)
The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on June 20, CBA said in a message.
Demand at deposit auction of Central Bank of Azerbaijan exceeds supply

Baku, Azerbaijan, June 20

By Anvar Mammadov – Trend:

The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on June 20, CBA said in a message.

According to the message, the demand at the auction amounted to 843.8 million manats. The weighted average interest rate on deposit transactions concluded within the auction was 8.01 percent.

The CBA has started to hold deposit auctions since mid-June 2016.

Deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is the sterilization of the money supply.

(1.7 manats = $1 on June 20)

Follow the author on Twitter: @Anvar_Mammadov

Tags:
Latest

Latest