Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 100 million manat ($58.8 million) from Azerbaijani banks, Trend reports referring to CBA on Jan. 27.
The demand from banks exceeded the supply by over seven times, amounting to 728.9 million manat ($428.7 million).
The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.76 percent. The term for placing funds is 14 days.
Central Bank of Azerbaijan 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. 27)
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