Deposit Auction Oversubscribed
On the Central Bank deposit auction the demand reached 241.2 million manat. The Central Bank planned to raise AZN 150 million.
The funds are raised for a period of 14 days, at the weighted average rate of 14.60%.
The Central Bank since June 2016 launched deposit auctions.
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