On the deposit auction CBA has attracted 50 million manat. The funds were raised for a period of 14 days at the weighted average rate of 14.98%.
The demand was 105 million manat, which means twice the supply. 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
Economics
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