BAKU, Azerbaijan, April 27. Counterfeit banknotes worth 36,000 manat ($21,176) and 193 counterfeit banknotes in foreign currency were identified and withdrawn from circulation by the Central Bank of Azerbaijan (CBA) last year, Trend reports via the CBA’s annual report.
"Offices in Baku accepted banknotes for examination and replacement from the population. In total, 7.6 million manat or $4.4 million was accepted during the year," the report said.
According to the report, banknotes of 10.5 billion manat ($6.1 billion) were processed in automated systems and re-issued last year.
Operational information exchange with law enforcement authorities was provided by the monitoring system of counterfeit banknotes that the CBA created as part of the fight against fraud.
Meanwhile, Money Supply Rate (М2) as of April 1, 2023 increased in Azerbaijan by 6 billion manat ($3.5 billion), or 25.84 percent compared to the same period last year growing from 23.5 billion manat ($13.8 billion) to 29.6 billion manat ($17.4 billion), the Central Bank of Azerbaijan had said.
According to the bank, the cash money supply in circulation (M0) grew by 3.1 billion manat ($1.8 billion), or 30.06 percent, over the year increasing from 10.5 billion manat ($6.1 billion) to 13.6 billion manat ($7.9 billion), while the broad money supply (M3) rose by 6.1 billion manat ($3.5 billion), or 17.67 percent, to 41 billion manat ($24.1 billion) against 34.9 billion manat ($20.5 billion) a year earlier.