Demand at deposit auction of Azerbaijan's Central Bank exceeds supply
By Trend
The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Nov. 12, Trend reports referring to CBA.
Supply exceeded demand over 4.4 times and reached 663.7 million manat ($390.4 million).
The interest rate on deposit transactions concluded within the auction was 6.01 percent. Term of placement of funds is 13 days.
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 CBA. The main aim of such auction is sterilization of money supply.