The Central Bank of Azerbaijan will hold the ninth deposit auction on August 22.
According to Turan, the Central Bank plans to attract 50 million manats for a period of 28 days at a rate of 4.01% - 9.49%.
Note that the auction scheduled for August 22 will be the fourth deposit auction for the current month.
It is noteworthy that in each of the previous three auctions, the Central Bank did not manage to collect the planned amount.
On August 15, the Central Bank raised 15 million AZN compared to the planned 50 million, on August 8 it raised 40 million AZN compared to the planned 50 million, and on August 1 it raised 20 million AZN compared to the planned 50 million AZN.
In June 2016 the Central Bank started to hold 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 deposits from commercial banks for placement. -------73D
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