Demand at deposit auction of Central Bank of Azerbaijan 2.3 times higher than supply

By  Trend

The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on June 11, said a message from the CBA.

The message says the demand at the auction amounted to 803.1 million manats. The weighted average interest rate on deposit transactions concluded within the framework of the auction was 8.01 percent.

The Central Bank started holding deposit auctions from mid-June 2016.

Deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is the sterilization of the money supply.