Bank supply at Azerbaijan's CBA deposit auction tops demand almost four-fold

2020-07-06 03:24:58

(MENAFN- AzerNews) By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 100 million manat ($58.8 million) from Azerbaijani banks, Trend reports citing CBA on July 6.

According to CBA, supply from banks at the auction exceeded demand almost, reaching 408.2 million manat ($240.1 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.51 percent.

The term for placing funds is 14 days.

Deadline for the payment is July 20, 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 manat on July 6)

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