TODAY.AZ / Business

Bank supply at Azerbaijan's CBA deposit auction exceeds demand more than two-fold

29 June 2020 [16:18] - TODAY.AZ

By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 200 million manat ($117.6 million) from Azerbaijani banks, Trend reports citing CBA on June 29.

According to CBA, supply from banks at the auction exceeded demand 2.7 times, reaching 545.3 million manat ($320.7 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 6.51 percent.

The term for placing funds is 14 days.

Deadline for the payment is July 13, 2020.

The CBA began to hold deposit auctions in mid-June 2016.

A deposit auction is a bidding process during which the CBA attracts deposits from commercial banks. The main purpose of such auctions is to sterilize the money supply.

(1 USD = 1.7 manat on June 29)

URL: http://www.today.az/news/business/194977.html

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