Bank supply at Azerbaijan's CBA deposit auction surpasses demand three-fold

22 June 2020 14:00 (UTC+04:00)

By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 100 million manat ($58.8 million) from Azerbaijani banks, Trend reports citing CBA on June 22.

According to CBA, supply from banks at the auction exceeded demand by 3.7 times, reaching 374.1 million manat ($220 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.51 percent.

The term for placing funds is 14 days.

Deadline for the payment is July 6, 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 June 22)

---

Follow us on Twitter @AzerNewsAz