At Deposit Auction of Central Bank, Demand Exceeds Supply by 75 Million Manat
At the deposit auction of the Central Bank on March 17, demand amounted to 275 million manat, with the supply of 200 million manat.
The funds were raised for a period of 14 days, at an average weighted rate of 14.60%.
Since June 2016, the Central Bank has started holding deposit auctions.
According to international practice, the main purpose of deposit auctions is the sterilization of the money supply. During the deposit auctions, the Central Bank accepts deposits of commercial banks for placement. -----71D