Information by Central Bank

19-03-2020

19 March 2020, Baku:  As it is known, measures to minimize mass gatherings and contact areas of people, as well as related works and processes in the country to fight coronavirus (COVID-19) are conducted by the Government and the Central Bank takes relevant actions on a permanent basis as part of these measures.

With respect to the information published on a number of media outlets on spread of coronavirus through money as well we are advising the following.

According to the ‘clean money in circulation’ policy implemented by the Central Bank, it has established special requirements against commercial banks, the latter have been assigned not to re-issue to circulation cash currency they receive and to deliver it to the Central Bank to be handled under related standards.

According to these rules, currency delivered by commercial banks to the Central Bank, as well as old, dirty and unfit currency in circulation collected through direct channels launched between commercial banks and the population, is kept in designated places in cash centers of the Central Bank. These cash centers are supplied with temperature and humidity regulating systems and disinfected under sanitary and epidemiological norms.

Prior to re-issue to circulation fit currency is cleaned from various dust in automated banknote processing equipment in use in the Central Bank up to the most recent international standards, and sterilized from contamination by being taken via special infrared and ultraviolet radiation and high temperature systems.

However, since considerable amount of cash currency is circulated beyond the banking system, they may be a potential source of risk in terms of coronavirus infection. Accordingly, to minimize the risks of infection the Central Bank recommends the population, as well as businesses to contain use of cash as much as possible and highly prefer cashless payments (via e- and mobile banking, payment cards, including contactless payment tools).