The Central Bank of Azerbaijan will hold the tenth deposit auction on August 29. The bank intends to attract 50 million AZN for the period of 28 days.
The interest on the attracted funds is defined in the 4.01% - 9.49% corridor.
Note that in all the 9 previous deposit auctions the Central Bank received less AZN than it was planned to attract.
Earlier in an interview with Turan the economist Akram Hasanov explained that with the fact that commercial banks disbelieve the Central Bank and the national currency.
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. ---------74D
Economics
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