Demand at deposit auction of Azerbaijan's Central Bank exceeds supply
BAKU, Azerbaijan, Jan. 21
By Eldar Janashvili - Trend:
Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 150 million manat ($88.2 million) from Azerbaijani banks, Trend reports referring to CBA.
The demand from banks exceeded the supply by over five times, amounting to 785 million manat ($461.7 million).
The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.76 percent. Term of placement of funds is 13 days.
Central Bank of Azerbaijan began to hold the deposit auctions since mid-June 2016.
During the deposit auctions, CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.
(1 USD = 1.7 AZN on Jan. 21)
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