CBA reduces profitability of deposit auctions
By Trend
The Central Bank of Azerbaijan (CBA) will hold a deposit auction on June 20, 2018 to raise 350 million Azerbaijani manats, the CBA said June 14.
The auction will be held on the Bloomberg trading platform. The funds will be placed for a period of 14 days.
The interest rate on deposits will vary within 8.01-9.99 percent. Earlier, the upper limit of the interest rate was 10.99 percent. The profitability of deposit auctions was reduced against the background of a decrease in the CBA’s discount rate from 11 to 10 percent, and the upper limit of the interest rate corridor from 14 to 12 percent. The lower limit of the interest rate corridor was kept at eight percent.
The CBA began to hold deposit auctions in mid-June 2016. Thirty banks, including two state-owned ones, operate in Azerbaijan.
(1.7 manats = $1 on June 14)
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