TODAY.AZ / Business

New banknotes to be designed by author of euro

10 February 2005 [09:24] - TODAY.AZ
New metallic coins will appear in circulation, Elman Rustamov, the chairman of the Managing Board of the National Bank of Azerbaijan (NBA), told journalists on Wednesday.
According to Rustamov, it will be 50-kopeck coins, which will be put for circulation from 1 January 2006 as a result of denomination of manat. The coin will have two-colored design - yellow and white (like a eurocent). The same time 1, 5, 10 and 20-kopeck coins will appear in circulation. The denominated banknotes will be issued in two variants. "The world experience shows, the optimal variant of banknotes envisages issue of 6 or as maximum 7 variations of its net cost," Rustamov noted.

Abdullah Melik-Aslanov, the Executive Director of the NBA, also head of the working group on designing, said 400 million new banknotes and 155 million coins will be issued with consideration of 4-year reserve. A total of 652 million banknotes were put for circulation in this period, while only 400 million is active now.

According to Rustamov, new banknotes will have four levels of protection and be larger than the existing ones. The historic and culture monument will be depicted on them.

Rustamov noted that printing of banknotes is the issue of national currency, the selection of an organization for printing money will be closed. The invitations for designing new banknotes were sent to six companies, which were to submit 2 variants of banknotes. Robert Kolino, a designer of euro, was selected for this respect.

The denomination will enable the state to economy the expenses assigned for money circulation. "The calculations showed that the denominated manat will enable to cut the expenses 30-35%," Rustamov said. His government undertakes all expenses for the issue of denominated manat. "Over $10m will be spent on the designing of new banknotes, while their fabrication will take some $25-30m," Rustamov underlined. The sum doe not envisage indirect expanses for denomination in the banking and financial sectors.

The denomination of the national currency in Azerbaijan will be implemented on 1 January 2006 in accordance with the relevant presidential decree issued on Monday. So, 1 new manat will be equal to 5,000 old manats. The old banknotes will be in circulation along with the new ones by 31 December 2006.

URL: http://www.today.az/news/business/18502.html

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