By  Trend

Baku Stock Exchange (BSE) held an auction for placement of the short-term notes of the Central Bank of Azerbaijan (CBA) worth 30 million manat ($17.6 million), Trend reports referring to BSE.

The demand at the auction exceeded the supply by 5.4 times, as 12 investors filed 12 applications worth 162.3 million manat ($95.6 million).

The cut-off price for competitive bids was set at 98.7 manat ($58.1), or 5.5 percent, the weighted average price was 98.7 manat ($58.1), or 5.5 percent. The volume of notes placed at the auction amounted to 30 million manat ($17.6 million).

The deadline for payment is March 9, 2020.

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