The Baku Stock Exchange (BSE) held another auction on placement of short-term notes of Azerbaijan’s Central Bank (CBA) with maturity of 28 days, attracting 100 million manat ($58 million) from Azerbaijani banks, Trend reports referring to BSE.

According to the BSE, demand during the auction exceeded supply by more than four percent – five investors sent six bids for a total nominal amount of 104.56 million manat ($61.5 million). The range of price offers ranged from 98.44 manat ($57.9) with a yield to maturity (YTM) of 7.24 percent to 99.477 manat ($58.5) with the YTM of 6.76 percent.

The cut-off price for competitive bids was set at 99.44 manat ($58.5) with the YTM of 7.24 percent; the weighted average price was 99.2062 manat ($58.35). The volume of notes placed in the auction amounted to 100 million manat ($58 million).

Read more:   World Bank highly appreciates social protection reforms in Azerbaijan

The deadline for payment is June 1, 2020.

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