The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Jan. 7, Trend reports referring to CBA.
The supply exceeded the demand by six times and reached 909.1 million manat ($534.7 million).
The interest rate on deposit transactions concluded within the auction was 5.76 percent. The term of placement of funds is 14 days.
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.
(1 USD = 1.7 AZN on Jan. 7)
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