Banks' supply notably exceeds demand at Azerbaijani Central Bank's deposit auction

By Trend

The Central Bank of Azerbaijan (CBA) has raised 100 million manat ($58.8 million) at the deposit auction, Trend reports citing the CBA.

According to the information, the deposit auction was held on December 7, 2020, the supply from banks exceeded demand by over five times, reaching 533.5 million manat ($314 million).

The weighted average interest rate on deposit transactions concluded within the framework of the auction amounted to 6.01 percent.

The funds were raised for a period of 14 days.

The CBA started holding deposit auctions in June 2016.

(1 USD = 1.7 manat on Dec.7)