Central Bank of Azerbaijan to hold auction to raise 350M manats

The Central Bank of Azerbaijan (CBA) will hold its next deposit auction on April 8, yerveinsan.az reports referring to the CBA on April 5.

As part of the auction, the Central Bank plans to raise 350 million manats. The auction will be held on the Bloomberg trading platform.

The interest rate on deposits will vary from 7.01-8.99 percent. The funds will be placed for a period of 14 days.

The CBA began to hold deposit auctions in mid-June 2016. Thirty banks, including two state-owned ones, operate in Azerbaijan.

(1.7 AZN = 1 USD on April 5)