Azerbaijani manat

The Manat (code: AZN) is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" (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., can be used as a substitute for the manat symbol.

First Manat, 1919-1923

The Azerbaijan Democratic Republic and its successor the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. The currency was called the manat (منات) in Azeri and the ruble (рубль) in Russian, with the denominations written in both languages (and also in French) 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 Soviet Socialist Republic issued notes in denominations of 5; 100; 1,000; 5,000; 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.

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 5,000 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, and the lower denominations closely resembling the size and shape of various euro cent coins).

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.

Export restrictions

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

See also

• Central Bank of Azerbaijan
• Turkmen manat
• Economy of Azerbaijan
• Banking in 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