Azerbaijan, Baku, May 3 / Trend, A. Akhundov /
The issuance of new large denomination banknotes in Azerbaijan has been postponed for years to come, the first deputy chairman of the Central Bank of Azerbaijan (CBA) Alim Guliyev told Trend on Friday.
According to him, this is not only due to the introduction of rates at 0.3 percent, which applies to commercial banks with regards to each banknote issued to them by the CBA with denomination of 100 manat in cash.
"This not only because of that decision. The issuance of banknotes with denominations of 200 and 500 manat is an important issue, however, it is not on the agenda for this year. There is a sufficient amount of cash turnover. This question will become relevant in the coming years," Guliyev said.
According to CBA Chairman Elman Rustamov, the proportion of the outstanding large denomination banknotes of 50 and 100 manat increased significantly in recent years, causing a great financial burden for the state.
"According to international practice, their share should not exceed 60-65 percent. According to our calculations, the issuance of new notes of large denomination of 200 and 500 manat will save up to 10 million Euros in the next five years," Rustamov said.
The official exchange rate on May 3 is 0.7845 AZN / USD.