Demand exceeds supply at Azerbaijani Central Bank’s auction

By  Trend

The Central Bank of Azerbaijan (CBA) raised 250 million manats from banks at a deposit auction on April 9, the CBA said in a message.

The demand from banks amounted to over 1,074 billion manats.

The average interest rate on deposit transactions concluded within the auction was 8.01 percent.

The CBA started to hold deposit auctions in mid-June 2016. Deposit auction is an auction during which the deposits of commercial banks are placed in the CBA. The main aim of such auction is sterilization of money supply.