Supply exceeds demand at deposit auction of Central Bank of Azerbaijan

By Trend

The Central Bank of Azerbaijan (CBA) has raised 100 million manat ($58 million) at the deposit auction, Trend reports citing the CBA.

The deposit auction was held on December 21, 2020, the supply from banks exceeded demand by almost six times, reaching 581.7 million manat ($342.2 million).

The weighted average interest rate on deposit transactions concluded within the auction amounted to 5.76 percent.

The funds were raised for a period of 15 days.

The CBA started holding deposit auctions in June 2016.

(1 USD = 1.7 manat on Dec. 21)