Baku Stock Exchange (BSE) held an auction for placement of short-term government bonds of the Central Bank of Azerbaijan (CBA) for 100 million manats with the maturity period of 28 days, Trend reports referring to BSE.

The demand at the auction exceeded the supply by almost six times, as 17 investors filed 21 applications for 595,093 million manats.

The cut-off price for competitive bids was set at 99.5158 manats (6.26 percent), the weighted average price was also 99.5158 manats (6.26 percent). The volume of notes placed at the auction amounted to 100 million manats.

The deadline for payment on notes is Sept. 25, 2019.

The short-term notes are an instrument of monetary and credit policy for regulating the money stock in circulation. Only banks can acquire notes.

(1 USD = 1.7 AZN on Aug. 29)