The Central Bank has commented on the refusal of the 500 manat denomination commemorative banknote by payment terminals.
Information was provided by the Central Bank's press service in response to an inquiry from BAKU.WS.
It was stated that the 500 manat denomination commemorative banknote was issued by the Central Bank in 2021 with a 44-day circulation period to immortalize the historic Victory of our glorious army under the leadership of the victorious Supreme Commander in the Patriotic War.
"Jubilee and commemorative banknotes issued by the Central Bank are dedicated to significant events, historical figures, preservation of national cultural heritage, and other themes, with the main purpose of immortalizing the respective themes, enlightenment, development of numismatics and bonistics, as well as enhancing the country's international prestige. These banknotes are issued in limited quantities for circulation and are not intended for widespread use in daily transactions and cash payments."
According to the Central Bank, for this reason, the acceptance and recognition of jubilee and commemorative banknotes are not carried out in cash-in terminals operating within the country. Such terminals mainly accept circulation money:
"Jubilee and commemorative banknotes retain their functions as a means of payment and exchange, as well as a means of collection at their nominal value. Since the interest and demand for these banknotes are high, citizens can sell them again on the secondary market according to their wishes, and there are no difficulties associated with this."
"In addition, internationally, the practice of not accepting high-denomination banknotes in cash-in terminals is widely applied, where the main goal is to combat counterfeiting and money laundering, as well as to increase service efficiency," the statement said.
