Demand at deposit auction of Azerbaijan's Central Bank exceeds supply
By Trend
The Baku Stock Exchange held an auction on the placement of short-term notes of the Central Bank of Azerbaijan (CBA), Trend reports referring to the Baku Stock Exchange.
The Baku Stock Exchange raised 170 million manat ($100 million) from the Azerbaijani banks.
The supply exceeded the demand by 4.5 times. Fifteen investors made 23 applications worth over 858.9 million manat ($506.3 million).
The cut-off price for competitive bids was set at over 99.5 manat ($58.5) which is 6 percent, the weighted average price was over 99.5 manat ($58.5) which is 6 percent. The volume of notes placed at the auction amounted to 170 million manat ($100 million).
The deadline for payment is Dec. 26, 2020.
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 at CBA. The main aim of such auction is sterilization of money supply.
(1 USD = 1.7 AZN on Nov. 27)
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