Azerbaijan’s Central Bank raises 200M manats at auction

The Central Bank of Azerbaijan (CBA) raised 200 million manats from banks at a deposit auction on Feb. 26, the CBA said in a message.

The average interest rate on deposit transactions concluded within the auctions was 8.01 percent.

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 auction is sterilization of money supply.

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