The Central Bank of Azerbaijan (CBA) raised 150 million manats ($88.2 million) from banks at a deposit auction on November 12.
Supply exceeded demand over 4.4-fold and reached 663.7 million manats ($390.4 million).
The interest rate on deposit transactions concluded within the auction was 6.01%. Term of placement of funds is 13 days.
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 CBA. The main aim of such auction is sterilization of money supply. (AzerNews/Business World Magazine)
