CBA proposes to switch to polymer banknotes

26 April 2019 15:53 (UTC+04:00)

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The Central Bank of Azerbaijan (CBA) is proposing to switch to plastic (polymer) banknotes in the future, Chairman of Central Bank of Azerbaijan Elman Rustamov said at a press conference in Baku on April 26, Trend reports.

Rustamov noted that cotton paper banknotes lose their original appearance during long-term use and deteriorate over time, and this leads to additional expenses of the Central Bank. The CBA Chairman said that practice of developed countries can be used in the process of switching to polymer banknotes.

He added that the turnover of the Azerbaijani manat today is 213 million banknotes worth 8.3 billion manats. Most frequently replaced banknotes in circulation are the banknotes of denomination of 1, 5, 10 and 20 manats.