Azerbaijani manat

Azerbaijani manat Azərbaycan manatı (Azerbaijani)
Obverse of 1 manat Reverse of 100 manat
ISO 4217 Code	AZN
User(s)	Azerbaijan except Nagorno-Karabakh
Inflation	11.5%
Source	National Bank of Azerbaijan, November, 2006
Method	CPI
Subunit
1/100	qəpik
Symbol	, m, ман. or man.
Coins	1, 3, 5, 10, 20, 50 qəpik
Banknotes	1, 5, 10, 20, 50, 100 manat
Central bank	National Bank of Azerbaijan
Website	www.nba.az

The manat (code: AZN) is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from the Russian word "монета" (coin) which is pronounced as "maneta". Manat was also the designation of the Soviet ruble in both the Azerbaijani and Turkmen languages.

The Azerbaijani manat symbol, , is currently not encoded in Unicode, and m, man., or ман. can be used as a substitute for the manat symbol.

First Manat, 1919-1923

The Azerbaijan Democratic Republic and the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. This currency was called the manat (منات) in Azerbaijani and the ruble (рубль) in Russian, with both language appearing on the banknotes. The manat replaced the first Transcaucasian ruble at par and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic. No subdivisions were issued and the currency only existed as banknotes.

Banknotes

The Democratic Republic issued notes in denominations of 25, 50, 100, 250 and 500 manat, whilst the ASSR issued notes in denominations of 5, 100, 1000, 5000, 10,000, 25,000, 50,000, 100,000, 250,000, 1 million and 5 million manat.

Second Manat, 1992-2006

The second manat was introduced on 15 August, 1992.^[1] It had the ISO 4217 code AZM and replaced the Soviet ruble at a rate of 10 rubles to 1 manat.

From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4770–4990 manat per US dollar). Starting in the spring of 2005 there was a slight but steady increase in the value of the manat against the US dollar; the reason most likely being the increased flow of petrodollars into the country, together with the generally high price of oil on the world market. At the end of 2005, one dollar was worth 4591 manat. Banknotes below 100 manat had effectively disappeared by 2005, as had the qəpik coins.

Qəpik coins of the second manat

Coins

Coins were issued in denominations of 5, 10, 20 and 50 qəpik, dated 1992 and 1993. Although brass and cupro-nickel were used for some of the 1992 issues, later issues were all in aluminium.

Banknotes

The following banknotes were issued for this currency

• 1, 5, 10, 250 manat (all first issued in 1992)
• 50, 100, 500, 1000 manat (all first issued in 1993)
• 10,000 manat (first issued in 1994)
• 50,000 manat (first issued in 1996)

Banknotes with denominations from 1 to 250 manat featured Baku's Maiden Tower.

Third Manat, 2006-

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a value of 5000 old manat. Since 1 October 2005, prices have been indicated both in new manats and in old manats to ease transition. Coins denominated in qəpik, which had not been used from 1993 onwards due to inflation, have been reintroduced with the redenomination.

The former manat (ISO code 4217 AZM) remained valid till 31 December 2006. [1]

Coins

Coins in circulation are 1, 3, 5, 10, 20 and 50 qəpik (the latter being bimetallic, similar to the €2 coin)

All coins of the new manat

Banknotes

Banknotes in circulation are 1, 5, 10, 20, 50 and 100 manat. They were designed by Austrian Robert Kalina, who was also responsible for the current euro banknotes. The notes look quite similar to those of the euro and the choice of motifs was inspired by the euro banknotes.

Banknotes of the Third Manat
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Theme	Obverse	Reverse
		1 manat	120 × 70 mm	Grey	Culture	Azerbaijani folk music instruments	Ornaments of ancient Azerbaijani carpets
		5 manat	127 × 70 mm	Orange	Writing and literature	Ancient writers, poets, and books from Azerbaijan	Rock drawings of Qobustan, samples of Orkhon script and letters from the contemporary Azerbaijani alphabet
		10 manat	134 × 70 mm	Blue	History	Old Baku, the Palace of the Shirvanshahs and the Maiden Tower against a background of the Icheri Sheher wall	Ornaments of ancient Azerbaijani carpets
		20 manat	141 × 70 mm	Green	Karabakh	Signs of power (a sword, a helmet and a shield)	Symbol of peace (harybulbul)
		50 manat	148 × 70 mm	Yellow	History and future	Youth, stairs (as a symbol of progress), the sun (as a symbol of force and light) and chemical and mathematical symbols (as signs of science)	Ornaments of ancient Azerbaijani carpets
		100 manat	155 × 70 mm	Mauve	Economy and development	Architectural symbols from antiquity up to today, the manat currency symbol () and symbols of economic growth	Ornaments of ancient Azerbaijani carpets
These images are to scale at 0.7 pixels per millimetre, a Wikipedia standard for world banknotes. For table standards, see the banknote specification table.

Export restrictions

Azerbaijani law prohibits the export of the local currency by non-residents. ^[2]

See also

• Economy of Azerbaijan

References

External links

• (German) Der Standard article on the redenomination
• Azerbaijan International. Azerbaijan's New Manats: Design and Transition to a New Currency
• Baku Today article on the same with more pictures
• Coins of former Soviet republics