Presentation of new banknotes due on 28 Dec

Business Materials 20 December 2005 16:49 (UTC +04:00)

The presentation of new banknotes in relation to the denomination of the national currency on 1 January 2006 will be held at the National bank of Azerbaijan on 28 december, the National Bank of Azerbaijan (NBA) told Trend.

New Azerbaijani manat will be equal to 5000 old manats. “The goal of the denomination is to set national currency equaled to U.S. dollar,” Elman Rustamov, the chairman of the Board of the bank, told Trend.

NBA ordered 250m 1, 5, 10, 20, 50,100-manat banknotes and 150m 1, 3, 5, 10, 20 and 50-gepik metallic coins. They will be put in circulation along with old ones till 1 January 2007. Meanwhile, all price-lists in trade points and service sphere include new and old prices from 1 October 2005.

The new manat was designed by Austrian artist Robert Collin, the designer of euro. He was chosen after studying of the proposals of 6 leading European companies.