Supply exceeds demand at CBA auction

The CBA was ready to receive 50 million manats as a deposit. The weighted average interest rate on deposit transactions at the auction was 14.1 percent.

During December 2016, the CBA raised 180 million manats through deposit auctions. The CBA started to hold deposit auctions in mid-June 2016.

Deposit auction is an auction during which the deposits of commercial banks are placed in the CBA. The main aim of such an auction is sterilization of money supply.

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