Central bank postpones issuing high denomination banknotes
The Azerbaijani Central Bank (CBA) has postponed issuing new banknotes of a high denomination for the period after 2013, chairman of the Azerbaijani Central Bank (CBA) Elman Rustamov told media on Tuesday.
"Several years are required to implement this project," Rustamov said. "There is no decision to issue high denomination banknotes. There is still just a proposal and its realisation is possible after 2013."
Rustamov said earlier that the share of high denomination banknotes of 50 and 100 manat in circulation has recently increased. This is a large financial burden for the state. According to international practice, their share must not exceed 60-65 per cent.
According to CBA calculations, issuing new banknotes of high denominations of 200 and 500 manat for the next five years will save up to 10 million euro.
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