The Baku Stock Exchange (BSE) held an auction for placement of short-term notes of Azerbaijan’s Central Bank (CBA) worth 300 million manats with a maturity period of 28 days, the BSE said in a message.

Demand at the auction exceeded the offer by 3.3 times. Thus, demand at the auction amounted to 984.6 million manats, while average price per note – 99,3812 manats (8.01 percent).

The volume of notes placed at the auction amounted to 300 million manats.

The deadline for payments on the notes is October 31, 2018.

(1.7 manats = $1 on Oct. 4)

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