The Baku Stock Exchange held a regular auction on placement of short-term notes of Azerbaijan’s Central Bank (CBA) with maturity of 28 days, attracting 98.2 million manat ($57.7 million) from Azerbaijani banks, Trend reports referring to BSE.

According to the BSE, demand during the auction exceeded supply over 2 times – 8 investors filed 16 bids for a total nominal amount of 539.3 million manat ($317.2 million). Price offers amounted to 99.4773 manat ($58.5) with a yield to maturity (YTM) of 6.76 percent.

The cut-off price for competitive bids was set at 99.4773 manat ($58.5) with the YTM of 6.76 percent; the weighted average price stood at the same level. The volume of notes placed in the auction amounted to 98.2 million manat ($57.7 million).

The deadline for payment is July 1, 2020.

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

Baku Stock Exchange cooperates with a number of leading international financial institutions. In light of integration of the Azerbaijani economy to the global economy, effective management of capital markets in accordance with modern requirements, application of international standards, as well as the establishment of international relations with leading stock exchanges and financial institutions is of great importance for the Baku Stock Exchange.