Demand exceeds supply nearly twice at CBA’s deposit auction
Baku, Azerbaijan, April 1
By Kheyraddin Nasirzade – Trend:
The Central Bank of Azerbaijan (CBA) held a deposit auction April 1, where it was planned to raise 350 million manats from Azerbaijani banks, Trend reports referring to a message by the CBA.
The demand at the auction amounted to 659.6 million manats.
The weighted average interest rate on deposit transactions concluded as part of the auction made up 7.01 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.
($1 = 1.7 AZN on April 1)
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