The Central Bank of Azerbaijan attracted 15 million manats instead of the planned 50 million at the deposit auction on September 5. The AZN 15 million was raised for a period of 28 days, with the average rate of 9.49%.
The Central Bank since June 2016 started holding deposit auctions and has held 11 of them.
At each auction CBA gets less money than announced.
Experts believe the reason for this is the lack of confidence of commercial banks to the Central Bank and the manat.
According to international practice, the main purpose of deposit auctions is the sterilization of money supply. At the time of deposit auctions the Central Bank receives commercial banks' deposits for placement. -----72D
Economics
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