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Azerbaijan Central Bank raises over 47M manats at auction

20 February 2017 18:14 (UTC+04:00)
Azerbaijan Central Bank raises over 47M manats at auction

By Trend

The Central Bank of Azerbaijan (CBA) raised 47.7 million manats (1.7253 AZN/USD on Feb. 20) at a deposit auction, the CBA said on February 20.

The CBA was ready to receive 150 million manats for deposit, however, the demand was less than supply. The weighted average interest rate on deposit transactions at the auction was 14.87 percent.

The CBA started to hold deposit auctions in mid-June 2016. Deposit auction is an auction during which the deposits of commercial banks are placed in the CBA. The main aim of such auction is sterilization of money supply.

Thirty two banks, including two state-owned, operate in Azerbaijan.

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