BAKU, Azerbaijan, Mar.15
By Zeyni Jafarov – Trend:
The cash demand of the Azerbaijani economy in 2020 was fully satisfied in accordance with the second part of Article 19 of the country’s Constitution and law ‘On the Central Bank’, Trend reports on Mar.15 referring to the Central Bank of Azerbaijan (CBA).
According to the CBA, in general for the year, the cash money supply in circulation grew by 13.8 percent (1.4 billion manat or $820 million) - up to 11.8 billion manat ($6.9 billion).
Besides, during the reporting year, the bank identified and demonetized 628 counterfeit banknotes (amounting to 29,523 manat or $17,370), which is 30 percent less than in 2019. On every 425,000th paper banknote in circulation last year, there fell one counterfeit banknote, which is significantly less than in international practice.
As part of the fight against fraud, through the monitoring system of counterfeit banknotes, launched by the CBA, a prompt exchange of information with law enforcement bodies integrated into this system was ensured.
Overall, last year the bank focused on such priority tasks as optimal and safe management of reserves in the national currency, ensuring the circulation of high-quality banknotes, continuous modernization of critical information systems, and digitalization of business processes in the field of cash management.
(1 USD = 1.7 AZN on Mar. 15)
---
Follow the author on Twitter: @jafarov_zeyni