Azerbaijani manat

Azerbaijani manat
Azərbaycan manatı  (Azerbaijani)
1 manat banknote obverse Azerbaijani manat coins
ISO 4217
Code	AZN
Denominations
Subunit
1/100	qəpik
Plural	The language(s) of this currency does not have a morphological plural distinction.
Symbol	₼
Banknotes	1, 5, 10, 20, 50, 100, 200 manat
Coins	1, 3, 5, 10, 20, 50 qəpik
Demographics
User(s)	Azerbaijan
Issuance
Central bank	Central Bank of Azerbaijan
Website	www.cbar.az
Valuation
Inflation	3% H1 2018
Source	MENAFN
Method	CPI

The manat (code: AZN ; symbol : ₼ ) is the currency of Azerbaijan. It is subdivided into 100 qəpik.

The Azerbaijani manat symbol, ₼ (), was assigned to Unicode U+20BC in 2013. A lowercase m can be used as a substitute for the manat symbol.

Etymology[edit]

The word manat is borrowed from the Russian word Монета "moneta" (coin) which is pronounced as "maneta" and is a loanword from Latin. Manat was also the designation of the Soviet ruble in both the Azerbaijani and Turkmen languages.

First manat, 1919–1923[edit]

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 Azerbaijani and the ruble (рубль) in Russian, with the denominations written in both languages (and sometimes 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[edit]

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[edit]

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[edit]

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. These coins were rarely used in circulation.

Banknotes[edit]

The following banknotes were issued for this currency

• 1, 5, 10, 250 manat (all first issued on 15 August 1992)
• 50, 100, 500, 1000 manat (all first issued in early 1993)
• 10,000 manat (first issued in August 1994)
• 50,000 manat (first issued in May 1996)

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

Third manat, 2006[edit]

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a ratio of 1 new manat to 5,000 old manat. From 1 October 2005, prices were indicated both in new manat and in old manat to ease transition. Coins denominated in qəpik, which had not been used from 1993 onward due to inflation, were reintroduced with the re-denomination. The former manat (ISO code 4217 AZM) remained valid through 31 December 2006.^[2]

Symbol[edit]

The new banknotes and Azerbaijani Manat symbol, ₼, were designed by Robert Kalina in 2006, and the symbol was added to Unicode (U+20BC) in 2013, after failed addition proposals between 2008 and 2011.^[3] The final Azeri Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev,^[4] and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount.

Coins[edit]

Coins in circulation are 1, 3, 5, 10, 20 and 50 qəpik. Most coins closely resemble the size and shape of various euro coins. Most notably the bimetallic 50 qəpik (similar to the €2 coin) and the 10 qəpik (Spanish flower, like the 20 euro cent coin). Coins were first put into circulation during January 2006 and do not feature a mint year.

Coins of the (new) manat (2006)

Image		Value	Technical parameters			Description			Date of
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse
		1 qəpik	16.25 mm	2.8 g	Copper plated steel	Plain	Theme: Culture traditional instruments used in performing modal music-mugham	Map of Azerbaijan, country name, value	(2006)	January 2006[5]	Current	-
		3 qəpik	18.00 mm	3.45 g		Grooved	Theme: Writing and Literature
		5 qəpik	19.75 mm	4.58 g		Reeded	Theme: History Maiden Tower
		10 qəpik	22.25 mm	5.25 g	Brass-plated steel	Notched (Spanish flower)	Theme: Karabakh
		20 qəpik	24.25 mm	6.6 g		Segmented reeding	Theme: Education and Future
		50 qəpik	25.5 mm	7.7 g	Inner ring: brass-plated steel Outer ring: stainless steel		Theme: Economy and Progress

Banknotes[edit]

Banknotes in circulation are 1, 5, 10, 20, 50, 100, and 200 manat. They were designed by Austrian banknote designer Robert Kalina, who also designed the current banknotes of the euro and the Syrian Pound. The notes look quite similar to those of the euro and the choice of motifs was inspired by the euro banknotes.^{[citation needed]}

New manat (2006–present)

Image		Value	Dimensions	Main Color	Description		Date of
Obverse	Reverse				Obverse	Reverse	printing	issue[5]	lapse
		1 manat	120 × 70 mm	Grey	Theme: Culture Azerbaijani folk music instruments (daf, kamancheh, tar)	Ornaments of ancient Azerbaijani carpets	2005 2009	January 2006	current
		5 manat	127 × 70 mm	Orange	Theme: 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	Teal	Theme: 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	2005	March 2006
		20 manat	141 × 70 mm	Green	Theme: Karabakh Signs of power (a sword, a helmet and a shield)	Symbol of peace (harybulbul)
		50 manat	148 × 70 mm	Yellow	Theme: 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		April 2006
		100 manat	155 × 70 mm	Mauve	Theme: Economy and development Architectural symbols from antiquity up to today, the manat currency symbol (₼) and symbols of economic growth	Ornaments of ancient Azerbaijani carpets
		200 manat	160 × 70 mm	Blue	Theme: Modern architecture The Heydar Aliyev Center, Baku	Ornaments of ancient Azerbaijani carpets	2018	24 May 2018
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Later changes[edit]

• In 2009 the Azərbaycan Milli Bankı (National Bank of Azerbaijan) was renamed the Azərbaycan Respublikasının Mərkəzi Bankı (Central Bank of Azerbaijan). In 2010, the 1-manat banknote was issued with the new name of the issuing bank, in 2012 a 5-manat banknote was issued with the new name of the issuing bank and in 2017 a 100-manat banknote dated 2013 was issued with the new name of the issuing bank.

Obverse	Reverse	Description
		1 manat (2009)
		5 manat (2009)
		100 manat (2013)
		200 manat (2018)

• In 2011 Azerbaijan's Ministry of Finance announced it was considering to issue notes of 2 and 3 manat as well as notes with values larger than 100 manat.^[6] In February 2013 the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.^[7]
• In 2018, a 200-manat banknote was issued to commemorate Heydar Aliyev's 95th birthday.^[8]

Exchange rates[edit]

• Before Feb 2015: $1 = 0.8 AZN
• Feb - Dec 2015: $1 = 1.05 AZN
• Dec 2015 - Apr 2017: Free floating
• May 2017 onwards: $1 = 1.7 AZN

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 XE:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL

See also[edit]

• 1 manat
• Central Bank of Azerbaijan
• Turkmenistan manat
• Economy of Azerbaijan
• Banking in Azerbaijan

References[edit]

External links[edit]

• Der Standard article on the redenomination (in German)
• Azerbaijan Manat: Catalog of Banknotes
• Azerbaijan International. Azerbaijan's New Manats: Design and Transition to a New Currency
• Catalog of Azeri coins and banknotes
• Coins of Azerbaijan at CISCoins.net