TODAY.AZ / Business

New banknotes constitute 95% in circulation in Azerbaijan

15 November 2006 [13:36] - TODAY.AZ
New banknotes make 95 percent in the circulation in Azerbaijan now.

National Bank of Azerbaijan's cash department deputy director Hajibaba Masimov told APA that this indicator is completion of the period of transition to new banknotes as per the international experience. He said the change tempo will continue afterwards in order to replace the rest 5 % with new ones.

He also said 100% completion of the transition is impossible because 1 000 and 10 000 banknotes are still widely used in the circulation. "They haven't got used to use kopecks. That is why these kopecks are not used widely."

By a presidential decree, transition to new banknotes comes to an end in January 1, 2007. But the banknotes can also be exchanged with new ones after this date.

URL: http://www.today.az/news/business/32611.html

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