Central Bank of Azerbaijan (CBA) held a deposit auction, attracting 100 million manat ($58.8 million) from Azerbaijani banks, according to CBA, according to Trend.

According to the CBA, demand from banks at the auction exceeded supply by almost six times, amounting to 578 million manat ($340 million).

The weighted average interest rate on deposit transactions concluded during the auction amounted to 5.51 percent. The term for placing funds is 14 days.

Deadline for the payment is Mar. 2, 2020.

The Central Bank 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. 17)