The Central Bank of Azerbaijan (CBA) held a regular deposit auction, which was the tenth one.
At the auction CBA attracted 30 million AZN compared to the planned 50 million AZN.
‘The funds are attracted for a term of 28 days, and the average rate is 9.49%,’ a source at CBA reported.
Since June 2016 CBA has been holding 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.
On each of the ten auctions conducted by CBA it received amounts less than declared in the announcement. Experts believe the reason for this is the lack of confidence of commercial banks to the Central Bank and the manat. --71D
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