The Central Bank of Azerbaijan on the October 31 deposit auction raised 107.1 million manat, instead of the planned 50 million, according to the Central Bank.
The funds were raised at 14.5% for a period of 28 days.
Note that it was the 18th deposit auction.
The Central Bank began deposit auctions on 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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