The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on August 27, CBA said in a message.
According to the message, the demand at the auction amounted to 503.4 million manats. The weighted average interest rate on deposit transactions concluded within the auction was 8.01%.
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 the money supply. (Trend/Business World Magazine)
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