Baku, Azerbaijan, April 30
By Anvar Mammadov - Trend:
In 2017, the Central Bank of Azerbaijan (CBA) destroyed banknotes and coins worth almost 1.31 billion manats, says a CBA report published April 30.
During the period the CBA bought banknotes worth 410.68 million manats from the company printing banknotes for Azerbaijan.
In 2016, the banknotes worth 9.43 million manats were purchased and the banknotes worth 702.67 million manats were destroyed.
In general, in 2017, the volume of banknotes and coins in circulation rose by 1.18 billion manats (in 2016 this figure increased by 1.54 billion manats), reaching 8.14 billion manats against 6.96 billion manats in 2016.
Azerbaijan has been using new banknotes since 2006, which were put into circulation after the denomination of the national currency.
The service life of banknotes is 3-5 years, coins - 20 years. Today, the heavy burden falls on the banknotes of one and five manats. Their life cycle is 1.5-2 years, as they are deformed faster in connection with the most frequent use. Therefore, in order to reduce the burden on them and to reduce the costs, the CBA once considered the possibility of replacing them with metal money.
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