On the deposit auction of the Central Bank of Azerbaijan, on 5 December the demand exceeded the supply by 5 million manat.
The demand on the auction amounted to 55 million AZN. The weighted average interest rate on finance was 14.70% for 14 days.
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.
At every auction the Central Bank announces plans to raise 50 million AZN. -------------71D
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