The Central Bank of Azerbaijan (CBA) will hold a deposit auction on Jan. 7, Trend reports referring to CBA.

During the auction, the Central Bank plans to raise 150 million manat ($88.2 million). The auction will be held on the Bloomberg trading platform.

The interest rate on deposits will vary from 5.76 to 7.49 percent. The funds will be placed for a period of 14 days.

CBA began to hold deposit auctions in mid-June 2016.

Presently, 30 banks including two state-owned ones operate in Azerbaijan.

(1 USD = 1.7 manat on Dec. 30)