Azernews.Az

By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 200 million manat ($117.6 million) from Azerbaijani banks, Trend reports citing CBA on April 20.

According to the bank, demand from banks at the auction exceeded supply 2.4 times, reaching 480.3 million manat ($282.5 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.76 percent.

The term for placing funds is 14 days.

Deadline for the payment is Apr. 27, 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 Apr. 20)

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