TODAY.AZ / Business

Demand for Azerbaijani CBA's short-term notes exceeds supply

21 October 2020 [16:38] - TODAY.AZ

By Trend

The Baku Stock Exchange (BSE) held a regular auction on placement of short-term notes of Central Bank of Azerbaijan (CBA) with maturity of 28 days, attracting 200 million manat ($117.6 million) from Azerbaijani banks on Oct.21, 2020, Trend reports referring to BSE.

As reported, during the auction the demand for the notes exceeded supply by 4 times; 16 investors filed 23 bids for a total nominal amount of 898.7 million manat ($528.6 million). Price offers varied between 99.49 manat or $58.5 (6.49 percent) and 99.53 manat or $58.54 (6.01 percent).

According to CBA’s decision, the cut-off price for competitive bids and the weighted average price were set at 99.53 manat or $58.54 (6.01 percent).

The deadline for payment is November 18, 2020.

Short-term notes are a tool of monetary policy to regulate money supply in circulation. Only banks can obtain the notes.

Baku Stock Exchange cooperates with a number of leading international financial institutions. In light of integration of the Azerbaijani economy to the global economy, effective management of capital markets in accordance with modern requirements, application of international standards, as well as the establishment of international relations with leading stock exchanges and financial institutions is of great importance for the Baku Stock Exchange.

(1 USD = 1.7 manat on Oct.21)


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