Central Bank Plans to Raise 200 Million AZN on Deposit Auction
On the deposit auction on March 3 the Central Bank of Azerbaijan plans to raise 200 million manat.
The funds will be raised for a period of 14 days at the weighted average rate of 12.01% -14.99%.
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