By  Trend

The Baku Stock Exchange (BSE) held an auction for placement of short-term notes of Azerbaijan’s Central Bank (CBA) worth 350 million manats with a maturity period of 28 days, Trend reports referring to the BSE.

The demand at the auction exceeded the supply by more than twofold as the banks applied for 909.8 million manats, the BSE said.

The average interest rate on the concluded deposit transactions was 7.26 percent.

The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire notes.

(1.7 AZN = 1 USD on March 11)