Demand exceeds supply 2.5 times at CBA’s deposit auction
By Trend
The Central Bank of Azerbaijan (CBA) raised 350 million manats from Azerbaijani banks at a deposit auction held on March 27, Trend reports referring to a message by the CBA.
The demand at the auction amounted to 849 million manats.
The weighted average interest rate on deposit transactions concluded as part of the auction made up 7.01 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.
($1 = 1.7 AZN on Mar. 27)
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