Azerbaijan's Central Bank attracts funds

29 March 2020 17:50 (UTC+04:00)

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Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 200 million manat from Azerbaijani banks, Trend reports referring to CBA on March 29.

According to the bank, demand from banks at the auction exceeded supply more than 0.25 percent, amounting to 200.5 million manat.

The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.82 percent.

The term for placing funds is 14 days.

Deadline for the payment is April 12, 2020.

The CBA began to hold deposit auctions in mid-June 2016.

A deposit auction is a bidding process during which the CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.

(1 USD = 1.7 AZN on March 29)

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