On the deposit auction, scheduled for 27 February, the Central Bank of Azerbaijan intends to attract 150 million manat, the Central Bank said in a statement.
The funds will be raised for a period of 14 days, at the weighted average rate of 12.01% -14.99%.
Recall that at the last deposit auction Central Bank raised less money than planned. The demand was 47.7 million AZN and the supply was 150 million AZN.
Deposit auctions are an anti-inflation tool.
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
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