Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

BAKU, Azerbaijan, Nov. 13

By Eldar Janashvili – Trend:

The Baku Stock Exchange held an auction on the placement of short-term notes of the Central Bank of Azerbaijan (CBA), Trend reports referring to the Baku Stock Exchange.

The Baku Stock Exchange raised 170 million manat ($100 million) from the Azerbaijani banks.

The supply exceeded the demand by 4.5 times. Fourteen investors made 23 applications worth over 773.3 million manat ($455.9 million).

The cut-off price for competitive bids was set at over 99.5 manat ($58.5) which is 6 percent, the weighted average price was over 99.5 manat ($58.5) which is 6 percent. The volume of notes placed at the auction amounted to 170 million manat ($100 million).

The deadline for payment is Dec. 12, 2020.

The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire the notes.

(1 USD = 1.7 AZN on Nov. 13)

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Follow the author on Twitter: @eldarjanashvili

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