The Central Bank of Azerbaijan held a regular, 15th, deposit auction. On the auction the Central Bank raised 39.5 million manats against the planned 50 million AZN.
"The funds were raised at the weighted average rate of 14.66%," a source in the Central Bank reported.
The Central Bank since June 2016 launched deposit auctions.
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. -----71D
Economics
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