Azernews.Az

By Nazrin Gadimova

As a result of measures taken to protect the economic security of Azerbaijan, 16 crimes relating to the manufacture and sale of counterfeit money were revealed and 1,041 banknotes of various denominations in the amount of 83,000 manats were withdrawn from circulation, along with about 300 tons of substandard food and building materials.

The issue was discussed at a board meeting of the Interior Ministry on the results of the fight against crime, the protection of public order and public safety in the first half of 2013 on July 31.

Earlier, Central Bank of Azerbaijan (CBA) official Hajibaba Masimov said that the level of money counterfeiting in Azerbaijan is much below the world average.

"Whereas in developed countries, notably, in Europe, there is one impounded counterfeit banknote per each 20,000 banknotes in circulation, in Azerbaijan the figure is one per 250,000," said Masimov, who heads the CBA's department for cash transactions.

"There is a trend toward growth in Azerbaijan. However, counterfeiters are using methods and techniques of a very low level. Often, they simply copy banknotes. Therefore, it is not difficult to detect counterfeit money," Masimov said.

According to Masimov, the CBA has withdrawn from circulation and handed over for elimination more than 600 counterfeit banknotes from the domestic market in the first half of 2013.