Azerbaijan plans to slash zeroes from its banknotes in a currency reform aimed at making it easier to use by the public starting in 2006
Published:
8 February 2005 y., Tuesday
Azerbaijan plans to slash zeroes from its banknotes in a currency reform aimed at making it easier to use by the public starting in 2006, the former Soviet republic's president said Monday.
President Ilham Aliyev sighted "the need for further improving currency turnover in the country and simplification of accounting practices" in making his decision, the presidential administration quoted him as saying.
One dollar is equal to roughly 5,000 manat today, while the country's most valuable note, 50,000 manat is currently worth only 10 dollars.
Starting New Year's Day 2006, 5,000 old manats will become equal to one new manat, easing the mental hurdles shoppers have to take when paying for ordinary goods that currently have nominal values in the millions.
Merchants will be required to display prices in the new and old currencies from October this year, according to Aliyev's decree.
Azeris will be able to use both currencies until the end of 2006.
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