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Azerbaijan Strengthens Measures to Combat Counterfeiting of National Monetary Units
Source: trend.az
Source Date: Wednesday, November 02, 2011
Focus: Electronic and Mobile Government, ICT for MDGs, Internet Governance
Country: Azerbaijan
Created: Nov 07, 2011

The Azerbaijani Central Bank (CBA) and the Interior Ministry, the Ministry of Taxes and the Ministry of Economic Development have today signed the protocol to strengthen the measures to combat the counterfeiting of national monetary units, the CBA said on Wednesday.

CBA Director General Agshin Veliyev said that the trust in Azerbaijani manat and attractiveness of national monetary units as a payment provided the basis to transform into a strong currency at the regional scale in terms of the dynamic development of the country's economy, as well as banking and payment systems.

"The potential risks of falsification of Azerbaijani manat increase in these conditions," he said at a meeting at the Central Bank on Wednesday. "This requires the strengthening of measures to combat the counterfeiting of monetary units and expand the coordination of actions among the relevant state bodies."

He said that the facts of large-scale distribution of different imitated banknotes have been recently revealed. The CBA and other state bodies received numerous complaints from the population.

The Interior Ministry official said that the law enforcement bodies suspended imports of goods into the country where banknotes were imitated. They were withdrawn from retail stores.

A decision was made to establish a legal base to strengthen the coordination in combating the counterfeiting of monetary units, as well as limiting the proliferation of imitated banknotes and their reproduction.

The prospects of the future cooperation with the CBA state bodies were also discussed at the meeting.
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