Azerbaijan's CBA talks amount of exchanged banknotes by citizens in 2020

Finance Materials 16 March 2021 12:55 (UTC +04:00)
Azerbaijan's CBA talks amount of exchanged banknotes by citizens in 2020

BAKU, Azerbaijan, Mar.16

By Zeyni Jafarov – Trend:

The Central Bank of Azerbaijan (CBA) monetized 12.5 billion manat ($7.3 billion), or 492 million banknotes, while demonetized 13.9 billion manat ($8.1 billion), or 556 million banknotes in 2020, Trend reports on Mar.16 referring to the CBA.

According to the CBA, last year, the implementation of the ‘policy of clean money in circulation was continued in order to improve the quality of the national banknotes. So, banknotes worth 8.8 billion manat ($5.1 billion) were processed in automated systems and re-monetized.

According to the regulator, through the service cash desks created in the Central Bank, the population exchanged unusable banknotes for a total of 5.4 million manat ($3.1 million).

Besides, in 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 agencies integrated into this system was ensured.

(1 USD = 1.7 AZN on Mar. 16)


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