CBA Raises AZN 71 Million on Deposit Auction
The Central Bank of Azerbaijan has raised AZN 71 million on the 14th deposit auction, according to CBA. However CBA did not disclose the amount of currency, which it planned to raise.
The weighted average rate was 14.5%.
The Central Bank launched deposit auctions in June 2016.
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
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