Central Bank Plans to Raise AZN 50 Million from Deposit Auction
The Central Bank of Azerbaijan will hold the next deposit auction on December 19.
By auction the Central Bank plans to raise AZN 50 million for a period of 14 days, at the weighted average rate of 12.01% -14.99%.
The Central Bank has been holding such auctions since June 2016.
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