The process of denomination which launched on 1 January 2006 is carried out according to the schedule and the researches conducted displayed the positive response from the public, a Board member of the National Bank of Azerbaijan (NBA), the head of the NBA department on supervision for the lending institutions operations Rufat Aslanli told Trend.
As it has been mentioned in the presidential decree the measures are implemented with the priority compliance and metallic coins of all face values, as well as banknotes of 1 and 5 AZN value have been put into circulation. It will enable to avert complications which could arise with trading and economic entities with circulation of 19 face values simultaneously.
The latest month and a half showed such form of putting new design money in circulation raises confidence with the population to this process and the people make sure that denomination does not bring losses, Aslanli supposes. Operative financial swindlers emerge usually during short-term processes, however such probability is excluded. The NBA Board member finds also groundless rumours that metallic coins are also being withdrawn from the circulation due to the non-indication of the date of their issue and design.
В"They remain in circulation and trading objects may be interested in disseminating of such rumours, as it is rather a difficult process to calculate and transport metallic money, he explained.
Aslanli explains the reason for the date non-indication by the period of their circulation. The life period of banknotes is 3-5 years, and coins 20 years. During this period changing in design is not excluded, but the coins are worn out only by 50% . Due to their long-term circulation the date indication is not so important.
As for the denomination process impact on the inflation growth, in the view of Aslani, denomination is to be finished completely, after which its effect on the price growth may be revealed. The initial researches showed, technical inflation will not be significant. Even if there is consumer prices rise since the start of the year, the reason for this is not the denomination, Aslanli thinks.