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Azerbaijani banks to issue AZN 100-banknotes for money

20 February 2013 12:38 (UTC +04:00)

According to APA-Economics, as a results of monitoring and evaluation, in order to improve the efficiency of cash transactions in the country, optimization of the structure of the nominal money, reduce the use of cash payments and promote the use of cashless payment systems, the Central Bank has determined 0.3%-commision on banknotes worth 100 AZN from February 1.

Note that, share of AZN 100-banknotes in circulation reached 75% over the past 7 years, exceeding the internationally accepted standards.

A tariff will reduce the demand for AZN 100-banknote by transferring the load from the corresponding notes on the other banknotes, and, thus, affect the optimization of the structure of cash in circulation. Application of tariffs on AZN 100-banknotes will increase the share of other notes in banking transactions, which will provide adequate coverage in the public demand for the structure of cash.