Azerbaijani manat

Azerbaijani manat
Azərbaycan manatı (Azerbaijani)
1₼ banknote obverse Azerbaijani manat coins
ISO 4217
Code	AZN
Denominations
Subunit
1⁄100	qəpik
Plural	The language(s) of this currency do(es) not have a morphological plural distinction.
Symbol	₼ or m
Banknotes
Freq. used	1₼, 5₼, 10₼, 20₼, 50₼, 100₼, 200₼
Rarely used	500₼
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: ₼ or m) is the currency of Azerbaijan. It is subdivided into 100 qəpik.

The first iteration of the currency happened in the times of the Azerbaijan Democratic Republic and its successor, the Azerbaijani Soviet Socialist Republic, with the issues happening in 1919-1923. The currency underwent hyperinflation, and was eventually substituted by the Transcaucasian ruble, which, in its turn, was converted to the Soviet rouble. In Soviet times, the common currency of the USSR was known as manat in Azeri language.

When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet rouble with the manat, which also went through a period of high inflation in the first years, rendering the coinage obsolete. The current manat in circulation exists since the denomination in 2006, when 5,000 old manat were substituted with the new currency, which bears some resemblance to the euro. The currency has mostly been pegged to the United States dollar, at what is now the rate of 1.70₼ to US$1.

The Azerbaijani manat symbol, ₼ (  ), was assigned to Unicode U+20BC in 2013. A lowercase m was used previously, and may still be encountered when the manat symbol is unavailable.

Etymology

The word "manat" is derived from the Persian word "munāt" and the Russian word "монета" ("moneta") meaning "coin". It was used as the name of the Soviet currency in Azeri (Azerbaijani: манат) and in Turkmen.

First manat, 1919–1923

Main article: Azerbaijani rouble

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 rouble (рубль) in Russian, with the denominations written in both languages (and sometimes also in French) on the banknotes. The manat replaced the first Transcaucasian rouble at par and was replaced by the second Transcaucasian rouble 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. It had the ISO 4217 code AZM and replaced the rouble at a rate of 10 Rbls to 1m.

From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4,770–4,990m 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 4,591m. Banknotes below 100m 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 cupronickel were used for some of the 1992 issues, later issues were all in aluminium. These coins were rarely used in circulation.

Banknotes

The following banknotes were issued for this currency

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

Image		Value	Size (mm)	Main colours	Description		Print
Obverse	Reverse				Obverse	Reverse
		1m	125×63	pink	Maiden Tower in Baku	inscription «AZƏRBAYCAN MİLLİ BANKI»	1992
				yellow, blue		inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «BİR manat»	1993
		5m	125×63	brown, violet	Maiden Tower in Baku	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «BEŞ manat»	1993
		10m	125×63	brown	Maiden Tower in Baku	надпись «AZƏRBAYCAN MİLLİ BANKI»	1992
				teal		inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «ON manat»	1993
		50m	125×63	red, grey	Maiden Tower in Baku	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «ƏLLİ manat»	1993 1999
		100m	125×63	pink, blue	Maiden Tower in Baku	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «YÜZ manat»	1993 1999
		250m	125×63	green	Maiden Tower in Baku	inscription «AZƏRBAYCAN MİLLİ BANKI»	1992 1999
		500m	125×63	brown, blue and orange	Portrait of Nizami Ganjavi	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «BEŞ YÜZ manat»	1993 1999
		1,000m	125×63	brown and blue	Portrait of Mahammad Amin Rasulzade	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «min 1000 manat»	1993 1999
				blue	Oil industry theme	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «MİN 1000 manat»	2001
		10,000m	130×65	brown	Palace of the Shirvanshahs	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «ON MİN 10 000 manat»	1994
		50,000m	132×66	green	Momine Khatun Mausoleum	inscription «AZƏRBAYCAN MİLLİ BANKI» and denomination «ƏLLİ MİN 50 000 manat»	1995

Third manat, 2006

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a ratio of 1₼ to 5,000m. From 1 October 2005, prices were indicated both in new manat and in old manat to ease the 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 in use through to 31 December 2006.

Symbol

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. The final Azerbaijani Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev, and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount.

Code

The new manat was initially assigned the code AYM on being added to the ISO 4217 standard on 1 June 2005, with an effective date of 1 January 2006. However, this was removed and replaced by AZN on 13 October 2005 as it did not comply with the ISO 4217 currency coding standardization rules (which state that currency codes must begin with the ISO 3166-1 alpha-2 code for the relevant country).

Coins

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.

Image		Value	Technical parameters			Description
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse
		1 qəpik	16.25 mm	2.8 g	Copper-plated steel	Plain	Map of Azerbaijan, country name, value	Traditional musical instruments, denomination left
		3 qəpik	18 mm	3.45 g		Smooth with a groove		Books and quill, denomination above
		5 qəpik	19.75 mm	4.85 g		Reeded		The Maiden Tower, denomination below
		10 qəpik	22.25 mm	5.1 g	Brass-plated steel	Smooth with seven indentations		Military helmet of the region of Nagorno-Karabakh, denomination left
		20 qəpik	24.25 mm	6.6 g		Segmented reeding		Spiral staircase, Geometry & Geometrical symbols, denomination left
		50 qəpik	25.5 mm	7.7 g	Bi-Metallic Brass-plated steel center in Stainless Steel ring	Reeding over lettering (AZƏRBAYCAN RESPUBLIKASI)		Two oil wells, denomination left

Banknotes

Banknotes in circulation are 1₼, 5₼, 10₼, 20₼, 50₼, 100₼, 200₼, and 500₼. 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.

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₼ banknote was issued with the new name of the issuing bank, in 2012 a 5₼ banknote was issued with the new name of the issuing bank and in 2017 a 100₼ banknote dated 2013 was issued with the new name of the issuing bank.

In 2011 Azerbaijan's Ministry of Finance announced it was considering issuing notes of 2₼ and 3₼ as well as notes with values larger than 100₼. In February 2013 the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.

In 2018, a 200₼ banknote was issued to commemorate Heydar Aliyev's 95th birthday.

Redesigned 1₼, 5₼, and 50₼ banknotes were introduced in 2021, preserving the same motifs but with updated designs. These circulate in parallel with existing notes.

A new commemorative 500₼ banknote was introduced in 2021.

2005 series

Image		Value	Dimensions	Main Color	Description		Year
Obverse	Reverse				Obverse	Reverse
		1₼	120 × 70 mm	Grey	Theme: Culture Azerbaijani folk music instruments (daf, kamancheh, tar)	Ornaments of regional carpets	2005
							2009, 2017
		5₼	127 × 70 mm	Orange	Theme: Writing and literature Writers, poets, and books from Azerbaijan, with a written excerpt of the national anthem (Namusunu hifz etmeyə, Bayrağını yükseltməyə, Çümlə gənclər müştaqdır! Şanlı Vətən! Şanlı Vətən! Azərbaycan! Azərbaycan!) and letters from the contemporary Azerbaijani alphabet (ə, ö, ğ, ş)	Rock drawings of Gobustan, samples of Old Turkic script	2005
							2009, 2017
		10₼	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 regional carpets	2005
							2018
		20₼	141 × 70 mm	Green	Theme: Karabakh Signs of power (a sword, a helmet and a shield)	Symbol of peace (harybulbul)	2005
		50₼	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 regional carpets	2005
		100₼	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 regional carpets	2005
							2013
		200₼	160 × 70 mm	Blue	Theme: Modern architecture The Heydar Aliyev Center, Baku	Ornaments of regional carpets	2018

2020 refurbishment

Image		Value	Dimensions	Main Color	Description		Year
Obverse	Reverse				Obverse	Reverse
		1₼	120 × 70 mm	Grey	Theme: Culture Azerbaijani folk music instruments (daf, kamancheh, tar)	Ornaments of regional carpets	2020
		5₼	127 × 70 mm	Orange	Theme: Writing and literature Writers, poets, and books from Azerbaijan, with a written excerpt of the national anthem (Namusunu hifz etmeyə, Bayrağını yükseltməyə, Çümlə gənclər müştaqdır! Şanlı Vətən! Şanlı Vətən! Azərbaycan! Azərbaycan!) and letters from the contemporary Azerbaijani alphabet (ə, ö, ğ, ş)	Rock drawings of Gobustan, samples of Old Turkic script
		10₼	134 × 70 mm	Teal	Theme: History Old Baku, the Palace of the Shirvanshahs and the Maiden Toweragainst a background of the Icheri Sheher wall	Ornaments of regional carpets	2022
		20₼	141 × 70 mm	Green	Theme: Karabakh Signs of power (a sword, a helmet and a shield)	Symbol of peace (harybulbul)	2022
		50₼	148 × 70 mm	Yellow and brown	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 regional carpets	2020
		500₼ (commemorative)	165 × 70 mm	Brown, red, and green	Theme: The 2020 Karabakh War Poppies, Khodaafar stone bridges	Mausoleum of Molla Panah Vagif; Askeran fortress	2021

Exchange rates

• Before Feb 2015: US$1 = 0.78₼
• Feb - Dec 2015: US$1 = 1.05₼
• Dec 2015 - Apr 2017: Fluctuate
• May 2017 onwards: US$1 = 1.7₼ (pegged)

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

See also

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

External links

• 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
• The banknotes of Azerbaijan (in English, German, and French)