Old Manats to be Liquidated by Second Half of 2007 (video)

Business Materials 8 June 2007 16:17 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The liquidation of banknotes withdrawn from circulation will begin in the second part of 2007, the President of the National Bank of Azerbaijan (NBA), Elman Rustamov, said at a press conference on 8 June.

Technical preparations for the process have been completed and the necessary equipment purchased.

For the time being the old banknotes with the value of AZN 11mln remain in circulation (some 55bln in old banknotes). Regulations for scrapping of the old banknotes have been developed and submitted to the corresponding state bodies for coordination.

"After the coordination the regulations will be submitted to the President of the country for approval," Rustamov said.

Liquidation will be implemented by state commission.

The exchange of old banknotes for new ones is implemented by banks without compensation charges. The old banknotes were in circulation until 31 December 2006.