Central Bank of Azerbaijan to hold auction to raise 350M manats
Baku, Azerbaijan, Mar. 15
The Central Bank of Azerbaijan (CBA) will hold its next deposit auction on March 18, Trend reports referring to the CBA.
As part of the auction, the Central Bank plans to raise 350 million manats. The auction will be held on the Bloomberg trading platform.
The interest rate on deposits will vary from 7.01-8.99 percent. The funds will be placed for a period of 14 days.
Earlier the deposit rate was 7.26-9.24 percent. The decrease in profitability is due to a change in the discount rate from 9.25 to 9 percent.
The CBA began to hold deposit auctions in mid-June 2016. Thirty banks, including two state-owned ones, operate in Azerbaijan.
($1=1.7 AZN on March 15)