(MENAFN- AzerNews) By Ayya Lmahamad
The Central Bank of Azerbaijan has updated the design and protection system of banknotes of AZN 1, 5 and 50 per value with application of the latest technologies and innovations within the existing concept, the bank has reported.
The banknotes with the updated design and progressive protection systems will be put into circulation from January 1, 2021.
It should be noted that current banknotes will be in circulation in parallel with the updated banknotes and will be used as a means of circulation without restrictions.
'Our updated banknotes will continue to remain in the category of the safest banknotes in the international practice of artistic aesthetics and level of protection, the bank stated.
In international practice, central banks periodically update the design and security systems of banknotes in order to strengthen the fight against counterfeiting, with the use of new technologies and innovations, to ensure that people's needs are met.
Thus, taking into account international experience, the Central Bank of Azerbaijan has started modernization of national banknotes with application of the latest innovations, nano and micro technologies in the field of banknotes, and in 2019-2019 issued a new AZN 200 banknote, and improved the systems of protection of the AZN 10 banknote.
It should be noted that 14 years have passed since the national banknotes were put into circulation.
At present, the process of adaptation of all cash systems and equipment used in the country to the updated banknotes of AZN 1, 5 and 50 has started.
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