The National Bank of Azerbaijan (NBA) is planning to release in circulation 50 and 100 manats banknotes the next week, the largest nomination papers. New banknotes are already in the country, the NBA head, Elman Rustamov told Trend. They will be released in use sequentially like all other new banknotes as the old cash will be withdrawn from use.
20% of all cash in use now are new banknotes, and 2% are coins. The given policy of step-by step introduction of the new cash is the
most appropriate one due to necessity for the population to adjust to the new forms of currency, Rustamov said. However, the process of old cash withdrawal from use will be accelerated by the end of the year as by the January 1, 2007 only new types of manats should remain in circulation.
The total amount of order is 1.7bln AZM with 3 year stocks. 94% of it is banknotes and 6% - metal coins. 1.5 manat banknotes and all metal coins (1, 3, 5, 10, 20 and 50 gapiks) have been released in use since January 1. The second stage started from the second half of March 10 and 20 manats banknotes were released and the second stage, which has started in the second part of April releases 50 and 100 manats. There are more than 3trl manats in use now.