Central Bank Raises AZN 65 Million on Deposit Auction
The Central Bank of Azerbaijan has raised AZN 65 million on a deposit auction. The funds were raised for a period of 14 days at the weighted average rate of 14.58%.
It should be noted that the Central Bank planned to raise AZN 50 million. It was the 19th deposit auction.
The Central Bank’s deposit auctions began in 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