Demand at auction of Azerbaijan's Central Bank exceeds supply
By Trend
Azerbaijan’s Central Bank (CBA) held a deposit auction, attracting 150 million manats ($88.2 million) from Azerbaijani banks, Trend reports referring to CBA on Jan. 13.
The demand from banks exceeded the supply by 5.9 times, amounting to 883.9 million manat ($519.9 million).
The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.7 percent. The period distribution of funds is 14 days.
The CBA began to hold the deposit auctions since mid-June 2016.
During the deposit auctions, CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.
(1 USD = 1.7 AZN on Jan. 13)
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!