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