Azerbaijan, Baku, April 11 / Trend , U. Ismayilova/
Changing Azerbaijani banknotes due to the renaming the National Bank to the Central Bank requires additional funds. This process must be implemented step-by-step, member of parliament and member of permanent parliamentary commission on economic issues Vahid Ahmadov said.
"Manat is international currency, but means of payment in Azerbaijan. There is no need to hurry to change banknotes," Ahmadov said. "Design of the banknotes will be changed when the government will order extra consignment of money."
Renaming the National Bank into the Central Bank in compliance with the Constitutional amendments will not cause problems while using current banknotes which depicts Azerbaycan Milli Banki (National Bank of Azerbaijan), the NBA press service said earlier. The current banknotes will be used as a means of payment until their term expires.
Circulation term of notes is 3 to years and coins - 20 years. One and five-manat banknotes are widely used. Their circulation term is 1.5-2 years. Money will be issued to prevent them from deforming. The NBA even considered possibility of replacing them with metallic notes which will be steadier.
As a result of denomination by the NBA, old banknotes were fully replaced by Dec. 31, 2006. Only new banknotes were used from Jan. 1, 2007, which prevented difficulties for businesses as 19 notes were put into circulation at the same time.
Issue order worth 1.7 billion manat including three-year reserves were placed. Banknotes account for 94 percent (one, five, 10, 20, 50 and 200 manat) and coins (one, three, five, 10, 20 and 50 qapik) for 6 percent of the emission.
On April 11, the official exchange rate is 0. 8032 manat to $1.
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