Demand Exceeds Supply on Central Bank Deposit Auction

On the deposit auction of the Central Bank of Azerbaijan 50 million manat was raised. The demand was 72 million manat. The funds have been raised for 14 days at the weighted average rate of 14.95%.

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

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