The Central Bank of Azerbaijan (CBA) raised 250 million manats at a deposit auction, the CBA said Jan. 12.
The demand was 446.6 million manats. The weighted average interest rate on deposit transactions at the auction was 14.55 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 banks, including two state-owned banks, operate in Azerbaijan.
(1.7001 manats = $1 on Jan. 12)
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