Demand exceeds supply at Azerbaijani Central Bank’s deposit auction

By  Trend

The Central Bank of Azerbaijan (CBA) raised 250 million manats from banks at a deposit auction on January 15, the CBA said in a message.

The demand from banks amounted to 318 million manats, which exceeded the supply by 27 percent.

The interest rate on deposit transactions concluded within the framework of the auctions was 14.2 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. 15)

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