ASSA-IRADA,
11, February 2008

New money will be released into circulation in Azerbaijan, the central banker has said.

The National Bank of Azerbaijan (NBA) has passed a decision to issue coins worth 1 manat ($1.2) and 200 manat banknotes. The 1 manat banknotes already in circulation will still be used thereafter, the NBA board chairman Elman Rustamov said.

He said the measure was due to the excess of money in use. "Relevant proposals have been prepared and discussions are under way."

According to a presidential decree issued early in 2005, denomination of the national currency, manat, was implemented. The measure went into effect on January 1, 2006. With the release of the new banknotes and coins, 1 manat equals 5,000 manats used before. In 2006, banknotes with a face value of 1, 5, 10, 20, 50 and 100 new manats as well as coins worth 1, 3, 5, 10, 20, 50 hundredth factions of 1 Manat (Gapiks) were issued.