Demand exceeds supply twofold at CBA auction

The demand at the deposit auction held by the Central Bank of Azerbaijan (CBA) Oct. 31 amounted to 107.1 million manats, the CBA said.

CBA was ready to receive 50 million Azerbaijani manats from banks. Weighted average interest rate on deposit transactions concluded at the auction was 14.5 percent.

The CBA has attracted more than 700 million manats from local banks since the deposit auctions started mid-June 2016.

Thirty two banks, including two state-owned ones, operate in Azerbaijan.

Official rate is 1.6381 AZN/USD as of Oct. 31.