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New banknotes to be put in circulation in 2006 in three stages

Politics Materials 29 December 2005 21:35
New banknotes to be put in circulation in 2006 in three stages

“The National Bank of Azerbaijan (NBA) plans to put new banknotes in circulation in three stages,” Elman Rustamov, the chairman of the Board of Directors of NBA, said to a news conference on Thursday, Trend reports. 1, 5-manat banknotes and 1,3,5,10,20 and 50-gepik metallic coins will be put in circulation in the first stage to start from 1 January.

10 and 20-manat banknotes will be issued in the second stage (March 2006), while 50 and 100-manat banknotes will be put in circulation in third stage (April 2006). According to Rustamov, the main reason for stage-by-stage application of new banknotes is to give the population time to get familiar with the defense elements of the new banknotes, as well as withdraw old manats gradually. In other hand it will prevent the difficulties, which may appear at trade and economic subjects in relation to simultaneous circulation of all banknotes. NBA is currently holding negotiations with international experts in this regard.

Three lots of new banknotes have been delivered to the country so far, while the next one will be supplied in early January. 16m euros were spent on production of new banknotes and change of software. Metallic coins are envisaged for 20 years, banknotes - from 2 to 7 years depend on nominal

New banknotes have 30 defense elements. “British De la Ru Company, which had a long-term contract with NBA, refused from production of the new manats due to quality,” Rustamov stressed. As a result the Austrian OeBS was chosen the designer of the new banknotes, while sketches by Robert Calin were preferred. The preparation of the new banknotes took 5 months.

Rustamov also touched upon withdrawal of old manats from circulation and said that it would be carried out during 2006. Special treasury was constructed in other district in relation to great number of old manats. They will be liquidated in the previous way. NBA will hand over the old banknotes to the state commission calculating them with participation of this body.

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