The Baku Stock Exchange held a regular auction to place short-term notes of Azerbaijan’s Central Bank (CBA) with a maturity of 252 days, attracting 30 million manat ($17.6 million) from Azerbaijani banks, Trend reports referring to the BSE.

According to the BSE, demand during the auction exceeded supply by 5 times – eight investors filed 13 bids for a total nominal amount of 101.6 million manat ($59.7 million). The range of price offers ranged from 94.6 manat ($55.6) with a yield to maturity (YTM) of 8 percent to 97.47 manat ($57.3) with the YTM of 3.69 percent.

The cut-off price for competitive bids was set at 97.34 manat ($57.25) with the YTM of 3.89 percent; the weighted average price was 97.37 manat ($57.27) with the YTM of 3.85 percent. The volume of notes placed in the auction amounted to 30 million manat ($17.6 million).

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The deadline for payment is Nov. 2020.

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

(1 USD = 1.7 AZN on Feb. 22)