Demand at CBA deposit auction exceeds supply by over 5 times
By Trend
The Central Bank of Azerbaijan (CBA) held a deposit auction on May 27, where it attracted 150 million manats from Azerbaijani banks, Trend reports referring to the CBA.
The bank noted that the demand at the auction amounted to 838.6 million manats. The weighted average interest rate on deposit transactions concluded within the auction was 6.76 percent.
The maturity period is 14 days.
The CBA has started to hold deposit auctions since mid-June 2016.
Deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is the sterilization of money supply.
(1 USD = 1.7 AZN on May 27)
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