The National Bank of Belarus withdrew BYN 611.36 million of excess liquidity from the banking system as a result of an auction for primary placement of bonds denominated in Belarusian rubles, BELTA has learned from the National Bank.
The applications containing 28 offers of 13 participants with the rates from 8.4% to 9.5% per annum totaling BYN 661.42 million were admitted to the auction for primary placement of bonds.
"The auction was recognized to have been held. The actual volume of placement was BYN 611.36 million. The average weighted rate was 8.79% per annum. 25 offers of 12 participants were satisfied," the National Bank informed.
The circulation period is 7 days.
As of August 1, the correspondent account balance was BYN 2,583 billion.
The excess liquidity means that that is a great amount of free unused money in the banking system. It is required to apply the excess liquidity withdrawal instruments in order to achieve long-term goals influencing the banking system and the economy. In particular, it supports the stability of the exchange rate and interest rates at the certain level and maintains the stability and foreseeability of the financial market.