On the deposit auction of the Central Bank of Azerbaijan demand amounted to 130 million manat on December 12, according to the Central Bank’s report.
The Central Bank’s offer was 50 million manat.
The funds were raised for a period of 14 days, at the weighted average rate of 14.54%.
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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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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