The Central Bank of Azerbaijan on February 17 will hold a new deposit auction, during which it plans to raise 200 million manat.
The funds will be raised for 14 days at the weighted average rate of 12.01% -14.99%.
Note that typically the Central Bank conducts a deposit auction once a week. However, contrary to its rules, this week the Central Bank intends to hold a second auction.
Recall that during the deposit auction on February 13 there was oversubscription of 47 million manat, namely, at the suggestion of the Central Bank of 150 million AZN, the demand reached 197 million AZN.
Deposit auctions are an anti-inflation tool.
The Central Bank since June 2016 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. ---71D
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