Demand exceeds supply for Azerbaijani Central Bank’s notes by over 6 times

The Central Bank of Azerbaijan (CBA) raised 150 million manats from banks at a deposit auction on July 8, Trendreports referring to the CBA.

The demand from banks amounted to 857.5 million manats.

The interest rate on deposit transactions concluded within the auctions was 6.51 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 the CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on July 8)