Azerbaijani manat

Azerbaijani manat
Azərbaycan manatı (Azerbaijani)
Obverse of 1 manat Obverse of 100 manat
ISO 4217 code	AZN
User(s)	Azerbaijan
Inflation	20.8%
Source	Central Bank of Azerbaijan, 2008 to 2007
Method	CPI
Subunit
1/100	qəpik
Symbol	, m, man.
Coins	1, 3, 5, 10, 20, 50 qəpik
Banknotes	1, 5, 10, 20, 50, 100 manat
Central bank	Central Bank of Azerbaijan
Website	www.cbar.az

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

Qəpik coins of the second manat

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

Gul Tigin Turkish inscriptions in Azerbaijan manat

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.

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 (daf, kamancheh, tar)	Ornaments of ancient Azerbaijani carpets
		5 manat	127 × 70 mm	Orange	Writing and literature	Ancient writers, poets, and books from Azerbaijan, with a written excerpt of the national anthem and letters from the contemporary Azerbaijani alphabet	Rock drawings of Gobustan, samples of Old Turkic script
		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. For table standards, see the banknote specification table.

Current AZN exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From OzForex:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL

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

1. ^ National Bank of Azerbaijan. "History of the National Bank of Azerbaijan". http://www.nba.az/?mod=inside&id=456&lang=en&sub1=463. Retrieved 2006-12-30. 
2. ^ the Best of Azerbaijan

• Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501. 
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9. 
• Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8. 

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

First manat

Preceded by: First Transcaucasian ruble Ratio: at par

Currency of Azerbaijan 1919 – 1923

Succeeded by: Second Transcaucasian ruble

Second manat

Preceded by: Russian ruble Reason: independence from Soviet Union Ratio: 1 manat = 10 rubles

Currency of Azerbaijan 1992 – 31 December 2005

Succeeded by: Third manat Reason: inflation Ratio: 1 third manat = 5000 second manat

Third manat

Preceded by: Second manat Reason: inflation Ratio: 1 third manat = 5000 second manat

Currency of Azerbaijan 1 January 2006 –

Succeeded by: Current