Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Economy
21 October 2019, 18:16 28
The Central Bank of Azerbaijan (CBA) raised 100 million manat ($58.823 million) from banks at a deposit auction on Oct. 21, Trend reports referring to CBA.
The supply exceeded the demand over five times and reached 538 million manat ($316.47 million).
The interest rate on deposit transactions concluded within the auction was 6.26 percent. Term of placement of funds is 14 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.