Today.Az » Business » New banknotes to be issued next week
22 April 2006 [15:43] - Today.Az
The new banknotes worth 50 and 100 manats ($54.3 and $108.6 respectively) will be released in Azerbaijan next week, marking the completion of the national currency denomination.
"The bills have been brought to the country over the past few days," the National Bank board chairman Elman Rustamov told a news conference Friday.
He said new banknotes account for some 20% of the money currently in circulation. Coins make up only 2% of the money in use.
1 Manat (national currency) equals 5,000 Manats used before, AssA-Irada informs.
On January 1, 2006, banknotes with a value of 1 and 5 manats as well as coins worth 1, 3, 5, 10, 20, 50 hundredth factions of 1 Manat (Gapiks) were issued. Banknotes worth 10 and 20 new manats ($10.86 and $21.73 respectively) were released into circulation on March 16. The currency was made by Austrian OeBS company.
The gradual withdrawal of old banknotes is expected to begin soon. The process is expected to take nine months. In this period, new banknotes will make up some 90% of all the money in use.
Along with the new money, the old currency will still be used for one year. In the first six months of 2006, the old money that local banks receive will be released back into circulation. But whether the process will continue into the second half-year will depend on future discussions.