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Central Bank`s statement: Money in circulation accumulate

19.03.2020,16:28


March 19, Fineko/abc.az. The Central Bank (CBA) established special requirements for commercial banks, which are instructed to prevent the re-circulation of banknotes and their transfer for processing in accordance with the appropriate standards.

ABC.AZ reports with reference to the CBA that banknotes transferred by commercial banks to the Central Bank, as well as through direct channels created between commercial banks and the population, old, polluted and useless currency is stored in the Central Bank's treasuries in designated places.

Before circulating banknotes are re-issued, they are sterilized, cleared of impurities, various powders through high-pressure air flows in automated banknote processing equipment used by the Central Bank and meeting the latest technological standards in international practice, as well as through using special infrared and ultraviolet radiation and high-temperature systems.

However, these banknotes can also be a source of potential risk in connection with coronavirus infection, since there is a substantial amount of money supply outside the banking system. In this regard, in order to minimize the risks of infection, the CBA recommends the population and business entities to limit access to cash as much as possible and give preference to non-cash payments.

By Elmir Murad