Regulatory Alerts2024-02-08
Regulations on Signs of Currencies Unfit for Circulation, Exchange and Expertise
The Central Bank of the Republic of Azerbaijan issued these regulations to define technical signs of national and foreign currencies unfit for circulation and establish standardized procedures for their exchange and expertise. Banks must process, sort, and reject unfit banknotes and coins based on specified physical criteria, while the Central Bank verifies authenticity, calculates payable face value using a 200-cell grid system, and issues expert opinions via the Counterfeit Currency Monitoring System (CCMS). The framework mandates free exchange of genuine currency, outlines strict timelines for expertise and law enforcement reporting, and governs the handling of currencies rendered unusable in special packaging units due to technical errors or illegal intervention.