Refusal from Admission of Old Banknotes is Violation of Law, NBA Head Warns

Business Materials 27 December 2006 11:52 (UTC +04:00)

Elman Rustamov, the Chairman of the Managing Board of the National Bank of Azerbaijan, said in talks with journalists on 26 December that refusal from the admission of old banknotes, which are currently in circulation as a mean of payment, is violation of the law, Trend reports.

In accordance with the decree issued by the Azerbaijan President, by 1 January 2007 the old banknotes are the legal mean of payment. The trade and other facilities can admit old banknotes without any problem, Mr. Rustamov said.

He added that NBA official position is that those not implementing it are actually violating the law. Moreover, the network of admission of old banknotes will be expanded.

We will appeal to Azerbaijan President Ilham Aliyev shortly with important proposals, Mr. Rustamov said.

He also said that presently old banknotes worth 30mln AZN (150bln old manats) are in circulation.

With respect to the expansion of the term of circulation of old banknotes, Mr. Rustamov said that it will not offer any efficiency.

Favorable facilities should be offered for collection of old banknotes and we will do it, he said.