By Trend

Central Bank of Azerbaijan (CBA) held a deposit auction at the Bloomberg trading platform, during which the country's financial regulator attracted 100 million manat ($58.8 million) from Azerbaijani banks, Trend reports referring to a CBA report.

According to the report, demand from banks at the auction exceeded supply by almost 6 times, amounting to 597 million manat ($351.1 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.51 percent. The term for placing funds is 28 days.

Deadline for the payment is Mar. 18, 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 AZN on Feb. 20)