Azerbaijan's Central Bank holds deposit auction

(MENAFN- AzerNews) By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction, during which CBA attracted 100 million manat ($58.8 million) from Azerbaijani banks,  Trend  reports referring to CBA.

According to the bank, demand from banks at the auction exceeded supply more than 6 times, amounting to 632 million manat ($371.7 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.51 percent.

The term for placing funds is 14 days.

Deadline for the payment is Mar. 16, 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 Mar. 2)

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