Azerbaijan's Central Bank tightening fight against fake banknotes
Baku, Azerbaijan, Jan. 5
By Azad Hasanli – Trend:
Starting from Feb. 1, 2018, the Central Bank of Azerbaijan (CBA) will be accepting banknotes from banks for their examination only after they are registered via a special portal, a source in Azerbaijan’s banking market told Trend Jan. 5.
The CBA took such a measure with the aim of strengthening the fight against the circulation of counterfeit banknotes and improving the banknotes' quality, according to the source.
Presently, some commercial banks and Azerbaijan’s national postal operator send banknotes for their examination to the CBA through postal or courier services, the source noted.
“From now on, banks will have to register banknotes as suspicious via the portal for cash management, and then send them to the CBA through collectors,” the source said.
Presently, coins worth 1, 2, 3, 5, 10, 20 and 50 gepik (one Azerbaijani manat = 100 gepiks) are in circulation in Azerbaijan. Paper banknotes worth 1, 5, 10, 20, 50 and 100 manats are also used in the country.
In Azerbaijan, 50 and 100 manat banknotes are falsified most often, but cases of forgery of small banknotes worth 5, 10 and 20 manats have also been recorded.