Baku, Azerbaijan, Aug. 6
By Anvar Mammadov - Trend:
The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on August 6, the bank said in a message.
According to the message, the demand at the auction amounted to 943.8 million manats. The weighted average interest rate on deposit transactions concluded within the auction was 8.01 percent.
The CBA started to hold deposit auctions in mid-June 2016.
A deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.
(1.7 manats = $1 on Aug. 6)
Follow the author on Twitter: @Anvar_Mammadov