Baku, Azerbaijan, March 18
The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on March 18, Trend reports referring to the CBA.
The bank noted that the demand at the auction amounted to 439.2 million manats.
The weighted average interest rate on deposit transactions concluded within the auction was 7.01 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 sterilization of money supply.
(1 USD = 1.7 manats on March 18)