Azerbaijan’s money supply in national currency up 18%

In 2023, the Central Bank of Azerbaijan (CBA) removed 5.47 billion manats ($3.21 billion) (495.5 million pieces) of banknotes from circulation and instead released 8.07 billion manats ($4.74 billion) (568.3 million pieces) of banknotes into circulation, the CBA told Report.

As a result, the amount of cash in circulation increased by 2.6 billion manats ($1.52 billion) (73 million pieces) or 17.7% and reached 17.31 billion manats ($10.17 billion) (947 million pieces).

Last year, in order to meet the demand of the economy, the CBA produced 547.35 million manats ($321.75 million) (97.87 million pieces) of banknotes and 3.6 million manats ($2.11 million) (18.7 million pieces) of coins and brought them to the country. Thus, national currency reserves reached 12.62 billion manats ($7.41 billion) (582.8 million pieces).

In addition, the CBA replaced 1.78 billion manats ($1.04 billion) (103 million pieces) of useless banknotes with new ones in 2024.