New money to be issued
New money will be released into circulation in Azerbaijan by 2009,
the central banker has said.
The National Bank of Azerbaijan (NBA) has passed a decision to issue coins worth 1 manat ($1.2) and 200 manat ($238) banknotes.
"We are considering introduction of new banknotes, as the demand for 50 and 100 manat bills is rising," the NBA board chairman Elman Rustamov said. "International experience and the state of the financial market require the issuance of new money units in such cases."
The 1 manat banknotes already in circulation will still be used thereafter.
According to a presidential decree issued early in 2005, denomination of the national currency was implemented. The measure went into effect on January 1, 2006. Banknotes with the face value of 1, 5, 10, 20, 50 and 100 manats as well as coins worth 1, 3, 5, 10, 20, 50 hundred fractions of 1 Manat (Gapiks) were issued. With the release of the new banknotes and coins, 1 manat equals 5,000 manats used before.
The National Bank of Azerbaijan (NBA) has passed a decision to issue coins worth 1 manat ($1.2) and 200 manat ($238) banknotes.
"We are considering introduction of new banknotes, as the demand for 50 and 100 manat bills is rising," the NBA board chairman Elman Rustamov said. "International experience and the state of the financial market require the issuance of new money units in such cases."
The 1 manat banknotes already in circulation will still be used thereafter.
According to a presidential decree issued early in 2005, denomination of the national currency was implemented. The measure went into effect on January 1, 2006. Banknotes with the face value of 1, 5, 10, 20, 50 and 100 manats as well as coins worth 1, 3, 5, 10, 20, 50 hundred fractions of 1 Manat (Gapiks) were issued. With the release of the new banknotes and coins, 1 manat equals 5,000 manats used before.
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