Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Economy
04 November 2019, 16:50 1160
The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Nov. 4, Trend reports referring to CBA.
Supply exceeded demand over 3.7 times and reached 558.7 million manat ($328.6 million).
The interest rate on deposit transactions concluded within the auction was 6.01 percent. Term of placement of funds is 14 days.
The CBA started to hold deposit auctions in mid-June 2016. Deposit auction is an auction during which the deposits of commercial banks are placed in CBA. The main aim of such auction is sterilization of money supply.