Central Bank of Azerbaijan to hold another deposit auction

By Trend

The Central Bank of Azerbaijan (CBA) will hold another deposit auction on May 21, the CBA announced.

The CBA plans to attract 350 million manats as part of the auction. The auction will be held on the Bloomberg trading platform.

The interest rate on deposits would vary in the range of 8.01-10.99 percent.

The term of funds placement is 14 days.

The Central Bank began to hold deposit auctions from mid-June 2016.

There are 30 banks in Azerbaijan, including two with public ownership.

The official rate as of May 19 is 1.7 AZN / USD.