Azerbaijan's Central Bank to auction manat notes

By  Trend

An auction for placement of 300 million manats worth short-term notes of Azerbaijan's Central Bank will be held at the Baku Stock Exchange (BSE) on Dec. 26, Trend reports referring to the BSE.

Three million notes at a par value of 100 manats each and maturity period of 28 days will be put up for auction. The maturity date for the notes is Jan. 23, 2019.

Short-term notes are a tool of monetary policy to regulate money supply in circulation. Only banks can obtain notes.

Under new requirements, each bank can submit maximum two applications – one competitive and one noncompetitive.

(1 USD = 1.7 AZN on Dec. 25)