Higher denomination banknotes to be issued in Azerbaijan

New higher denomination banknotes will be issued in Azerbaijan, First Deputy Chairman of the Central Bank of Azerbaijan (CBA) Alim Guliyev told reporters on Wednesday.

"We plan to issue 200 and 500 manat banknotes," Guliyev said.

According to him, these are only plans, no decisions have been made on this issue, but the question will be discussed.

As a result of the currency denomination [in 2007 a full transition to the new scale of prices took place], held by the CBA, a complete replacement of old banknotes with new was completed before December 31 2006. Since 2007, only new bills are used in Azerbaijan as means of payment, which helped to prevent the difficulties that might arise from trade and economic agents due to the circulation 19 denominations banknotes at once.

The total volume of the new currency order amounted to 1.7 billion manat considering the reserves for three years. Some 94 percent of the total amount are the banknotes (1, 5, 10, 20, 50 and 100 manat) and six percent - metal coins (1, 3, 5, 10, 20 and 50 kopecks).

The operating life of banknotes is from three to five years, coins - 20 years. Today, much of the load falls on the banknotes of one and five manats.


/Trend/