The Central Bank of Azerbaijan (CBA) raised 47.7 million mantas at a deposit auction, the CBA said.
The CBA was ready to receive 150 million manats for deposit, however, the demand was less than supply. The weighted average interest rate on deposit transactions at the auction was 14.87%.
The CBA started holding 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.
32 banks, including 2 state-owned, operate in Azerbaijan. (Trend/Business World Magazine)
