Azerbaijan's Central Bank attracts funds at deposit auction
BAKU, Azerbaijan, May 4
By Eldar Janashvili – Trend:
Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 200 million manat ($117 million) from Azerbaijani banks, Trend reports citing CBA.
According to the bank, demand from banks at the auction exceeded supply by 36.2 percent, reaching 271.4 million manat ($159.6 million).
The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.76 percent.
The term for placing funds is 14 days.
Deadline for the payment is May 19, 2020.
The CBA began to hold deposit auctions in mid-June 2016.
A deposit auction is a bidding process during which the CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.
(1 USD = 1.7 AZN on May 4)
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