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Azerbaijan's Central Bank not to conduct examination of fake banknotes

01 February 2018 08:44 (UTC +04:00)

Starting from Feb. 1, 2018, the Central Bank of Azerbaijan (CBA) will be accepting banknotes from banks for their examination only after they are registered via a special portal, the CBA told APA-Economics.

The CBA took such a measure with the aim of strengthening the fight against the circulation of counterfeit banknotes and improving the banknotes' quality, according to the source. In this regard, the CBA sent relevant instructions to commercial banks and the postal operator.

The CBA required banks and the postal operator to conduct a full testing of equipment for cash operations (including ATMs, cash terminals, money counter machines and others). From today, banks will be required to register banknotes designated for examination as suspicious on the portal module of the information system for cash management, and then send them to the Central Bank by means of collectors.