PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of February 7, 2005 No. 189

About change of nominal value of bank notes and standard of price (denomination) in the Azerbaijan Republic

As a result of performed in recent years in the Azerbaijan Republic of purposeful economic policy and large-scale reforms dynamic development of economy, including macroeconomic stability is reached, the investment of investments into all industries considerably increased, the population conduct of life improved, the rate of inflation was limited, rate stability of manat in relation to foreign convertible currencies is provided.

It is known that the national currency rate, the state independence released in the Azerbaijan Republic in the first years, for a short time sharply fell under the influence of the military-political and social and economic crisis and in the country which happened during this period high standard of price was created. Despite success in social and economic development of the country achieved since 1996 the created high standard of price and the low nominal rate of manat are caused by difficulties in case of creation of accounting and reports in accounting system and statistics, conducting interdepartmental and bank calculations, install in the population, in particular, business people, uncertainty in national currency. Though today the economy of Azerbaijan on the dynamic development is among leaders among many countries of the world, including countries of the Commonwealth of Independent States, the manat rate in relation to foreign currencies remains low.

Considering that rapid growth and potential of development of economy create favorable conditions for forming of rate of the manatanatsionalny currency which is the state attribute of the Azerbaijan Republic at the level corresponding to exchange rates of the leading currencies of the world and for the purpose of reduction of design, protection, nominal structure of national bank notes in compliance with international standards, more evident expression in bank notes of national and historical traditions, further improvement of currency circulation in the country, optimization of scale of rate and the prices, I decide ensuring more effective implementation of functions of manat, simplification of accounting and settlement system and economy of the public expenditures:

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