The Central Bank of Azerbaijan will hold the 12th deposit auction for commercial banks, the Central Bank said in a statement.
According to Turan, at the auction planned for September 19 the Central Bank expects to receive 50 million manats for the period of 28 days.
The interest corridor on the borrowed funds is defined in 12.01% -14.99%.
The Central Bank since June 2016 has 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.
In each of the eleven auctions conducted CBA collected less money than it was 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
Economics
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