Demand for Azerbaijani Central Bank's notes exceeds supply

Demand for Azerbaijani Central Bank's notes exceeds supply

Economy
20 September 2019, 18:08 44
Baku Stock Exchange (BSE) held an auction for placement of short-term notes of the Central Bank of Azerbaijan (CBA) worth 30 million manats with a maturity of 84 days, Trendreports referring to BSE.
The demand at the auction exceeded the supply by nearly five times, as 10 investors filed 14 applications varying from 97.8314 manats (9.5 percent) to 98.6195 manats (6 percent) worth 147.592 million manats.
The cut-off price for competitive bids was set at 98.6111 manats (6.04 percent), the weighted average price was also 98.6127 manats (6.03 percent). The volume of notes placed at the auction amounted to 30 million manats.
The deadline for payment is Dec 16, 2019.
The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire the notes.