The Central Bank of Azerbaijan (CBA) will hold a deposit auction on July 1 to raise 100 million manats, Trend reports referring to the CBA.

The auction will be held on the Bloomberg trading platform.

The interest rate on deposits will vary between 6.51 and 8.49 percent.

The funds will be placed for a period of 14 days. The Central Bank began to hold deposit auctions in mid-June.

Presently, thirty banks including two state-owned ones operate in Azerbaijan.

(1.7 manats = 1 USD on June 28)