The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on December 3, CBA said in a message.
According to the message, the demand at the auction amounted to 1.079 billion manats. The weighted average interest rate on deposit transactions concluded within the auction was 7.76%.
The CBA has started to hold deposit auctions since mid-June 2016.
Deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is the sterilization of money supply. (AzerNews/Business World Magazine)