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

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The Central Bank of Azerbaijan (CBA) received 350 million manats from banks at a deposit auction on Oct. 8, CBA said in a message.

According to the message, the demand at the auction amounted to 1,143.5 million manats. The weighted average interest rate on deposit transactions concluded within the auction was 8.01 percent.

The CBA has started to hold deposit auctions since mid-June 2016.

Deposit auction is a tender in which the Central Bank attracts deposits from commercial banks. The main purpose of such auctions is the sterilization of money supply.

(1.7 manats = $1 on Oct. 8)