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LAW-ENFORCEMENT BODIES TO IMPOSE SANCTIONS ON FACILITIES NOT INDICATING PRICES IN NEW AZM

Business Materials 1 October 2005 11:43 (UTC +04:00)

From 1 October all prices in Azerbaijan should be indicated in two scales of manat. The National Bank of Azerbaijan told Trend appropriate sanctions will be imposed in regard to facilities which did not follow the rules. The law-enforcement bodies will impose the sanctions, the same source said.

Thus, from 1 October the prices should be indicated in the current and denominated manat. The denomination of the national currency will be implemented from 1 January 2006. In compliance with the decree dated 7 February 2005, 1 new Azerbaijani manat will be equal to 5,000 old manats. The old banknotes will be in force along with the new one till 31 December 2006.

The national currency was put for circulation in Azerbaijan in 1992. In August 1992 the 1-, 10- and 250- manat banknotes were issued for use, in November 5-, 10-, 20- and 50-kopeek, in December 5-manat, in March 1993 the 50-, 100-, 500- and 1000-manat. In 1994 for the first time 10,000-manat banknotes appeared in cash circulation. In 1996 50,000-manat banknotes were issued.

The adoption of manat as an only mean of payment in the territory of the country was included in the Constitution Act, developed by the state commission and adopted on 12 November 1995 through referendum.

A preparation of a new design of banknotes and coins of the denominated manat of all 6 types is over. The drafts had been presented to the President and their unification was underway. It is planned to book 250 million banknotes of new design and 155 million coins for 4-year demand. The banknotes of 100, 50, 20, 10, 5 and 1 denominated manats, as well as coins of 1, 3, 5, 10, 20 and 50 gepik will be booked for printing. A 50-gepik coin will be of bimetallic color вЂ" golden and silver.

The NBA concluded a contract with the Austrian Osterreicheichische Banknoten und Sicherheitsduck for printing and coinage of new denominated manats. The cost of the final contract is some 16m euro.

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