On February 17, on the deposit auction of the Central Bank of Azerbaijan the demand was 204.4 million manat.
The Central Bank reports the funds were raised for a period of 14 days at the weighted average rate of 14.73%.
It should be noted that the proposal of the Central Bank on this auction was 200 million manat.
Deposit auctions are an anti-inflation tool.
The Central Bank launched deposit auctions inn 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--
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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