DECREE OF THE PRESIDENT OF THE REPUBLIC OF AZERBAIJAN

on issue of the national currency of the Republic of Azerbaijan to circulation

In order to stabilize the turnover of goods and money in the Republic of Azerbaijan and fully meet demand for cash and in accordance with the Law of the Republic of Azerbaijan ‘on additional measures to stabilize the economic and socio-political life of the Republic’ I decide:
1. to issue to circulation the national currency of the Republic of Azerbaijan – the manat from 15 August 1992 onward.
2. to determine that along with the ruble, the manat with its nominal value is an equal legal tender in all settlements in the territory of the Republic of Azerbaijan.
3. to determine the ratio of 1 manat: 10 rubles in all settlements.
4. to assign the Cabinet of Ministers of the Republic of Azerbaijan to make decisions together with the National Bank of the Republic of Azerbaijan to ensure the implementation of the present Decree.
5. to assign the Prime Minister of the Republic of Azerbaijan R.Huseynov and the State Secretary of the Republic of Azerbaijan P.Huseynov to negotiate with Russia and the CIS Interbank Coordinating Council on all issues related to parallel application of the currency of the Republic of Azerbaijan within 10 days and submit a draft agreement on the results.

Abulfaz ELCHIBEY
President of the Republic of Azerbaijan

Baku city, 15 July 1992
№ 48