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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