By Nigar Abbasova
The Central Bank of Azerbaijan (CBA) conducted this year’s eighth deposit auction on February 17. The results showed that demand in the auction exceeded the supply by some 2.2 percent.
The order of the bank set out for the auction was at the level of 200 million manats ($ 115.6 million) (the largest order), while demand from participants totaled 204.4 million manats ($118.2 million).
The auction was held on the Bloomberg trading platform. The average weighted interest rate on the deals inked at the auction stood at 14.73 percent as compared to the rate of 14.74 percent set at the seventh auction.
The interest rate may vary at a range of 12.01 to 14.99 percent. The rate, fixed following November 14, 2016 auction (14.98 percent) is still the highest in the history.
The CBA began to hold deposit auctions in mid-June 2016. Currently, some 32 banks, including two state-owned ones, are operating in Azerbaijan.
The official exchange rate of Azerbaijan’s national currency, the manat, against the US dollar was set at 1.7352 AZN/USD for February 17
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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