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

Finance Materials 18 November 2019 15:23
Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

BAKU, Azerbaijan, Nov. 18

By Eldar Janashvili - Trend:

The Central Bank of Azerbaijan (CBA) raised 100 million manat ($58.8 million) from banks at a deposit auction on Nov. 18, Trend reports referring to CBA.

Supply exceeded demand six times and reached 605 million manat ($355.8 million).

The interest rate on deposit transactions concluded within the auction was 6.01 percent. Term of placement of funds is 14 days.

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 at CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on Nov. 18)

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Follow the author on Twitter: @eldarjanashvili

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