Azerbaijani manat

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Azerbaijani manat
Azərbaycan manatı (Azerbaijani)
1 manat - 2020 - obv.jpg Azerbaijani qapiks.jpg
1₼ banknote obverseAzerbaijani manat coins
ISO 4217
CodeAZN
Denominations
Subunit
1100qəpik
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol₼ or m
Banknotes
 Freq. used1₼, 5₼, 10₼, 20₼, 50₼, 100₼, 200₼
 Rarely used500₼
Coins1, 3, 5, 10, 20, 50 qəpik
Demographics
User(s) Azerbaijan
Issuance
Central bankCentral Bank of Azerbaijan
 Websitewww.cbar.az
Valuation
Inflation3% H1 2018
 SourceMENAFN
 MethodCPI

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, ₼ ( Azeri manat symbol.svg ), 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[edit]

The word "manat" is derived from the Persian word "munāt" and the Russian word "монета" ("moneta") meaning "coin".[1] It was used as the name of the Soviet currency in Azeri (Azerbaijani: манат) and in Turkmen.

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 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[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.[2] 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[edit]

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[edit]

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
AzerbaijanP11-1Manat-(1992) f-1.jpg AzerbaijanP11-1Manat-(1992) b-1.jpg 1m 125×63 pink Maiden Tower in Baku inscription

«AZƏRBAYCAN MİLLİ BANKI»

1992
1 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP14-1Manat-(1993) b-1.jpg yellow, blue inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BİR manat»

1993
AzerbaijanP15-5Manat-(1993)-donatedfr f.jpg 5 manat 1993, Azerbaijan (reverse).jpg 5m 125×63 brown, violet Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BEŞ manat»

1993
AzerbaijanP12-10Manat-(1992) f-donated.jpg AzerbaijanP12-10Manat-(1992) b-donated.jpg 10m 125×63 brown Maiden Tower in Baku надпись

«AZƏRBAYCAN MİLLİ BANKI»

1992
AzerbaijanP16-10Manat-(1993) f-1.jpg AzerbaijanP16-10Manat-(1993) b-1.jpg teal inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ON manat»

1993
AzerbaijanP17a-50Manat-(1993) f-1.jpg AzerbaijanP17a-50Manat-(1993) b-1.jpg 50m 125×63 red, grey Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ƏLLİ manat»

1993

1999

AzerbaijanP18a-100Manat-(1993) f-1.jpg AzerbaijanP18a-100Manat-(1993) b-1.jpg 100m 125×63 pink, blue Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «YÜZ manat»

1993

1999

AzerbaijanP13b-250Manat-(1992) f-1.jpg AzerbaijanP13b-250Manat-(1992) b-1.jpg 250m 125×63 green Maiden Tower in Baku inscription

«AZƏRBAYCAN MİLLİ BANKI»

1992

1999

500 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP19b-500Manat-(1993) b-1.jpg 500m 125×63 brown, blue and orange Portrait of Nizami Ganjavi inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BEŞ YÜZ manat»

1993

1999

1000 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP20a-1000Manat-(1993) b-1.jpg 1,000m 125×63 brown and blue Portrait of Mahammad Amin Rasulzade inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «min 1000 manat»

1993

1999

1000 manat 2001, Azerbaijan (obverse).jpg 1000 manat 2001, Azerbaijan (reverse).jpg blue Oil industry theme inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «MİN 1000 manat»

2001
AzerbaijanP21b-10000Manat-(1994) f-1.jpg AzerbaijanP21b-10000Manat-(1994) b-1.jpg 10,000m 130×65 brown Palace of the Shirvanshahs inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ON MİN 10 000 manat»

1994
AzerbaijanP22-50000Manat-1995-donatedir f.jpg AzerbaijanP22-50000Manat-1995-donatedir b.jpg 50,000m 132×66 green Momine Khatun Mausoleum inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ƏLLİ MİN 50 000 manat»

1995

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₼ 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.[3]

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.[4] The final Azerbaijani Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev,[5] and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount.

Code[edit]

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.[6] 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).[7]

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.

Image Value Technical parameters Description
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse
1 Azerbaijani qəpik Obverse.jpg
1 Azerbaijani qəpik Reverse.jpg
1 qəpik 16.25 mm 2.8 g Copper-plated steel Plain Map of Azerbaijan, country name, value Traditional musical instruments, denomination left
3 Azerbaijani qəpik Obverse.jpg
3 Azerbaijani qəpik Reverse.jpg
3 qəpik 18 mm 3.45 g Smooth with a groove Books and quill, denomination above
5 Azerbaijani qəpik Obverse.jpg
5 Azerbaijani qəpik Reverse.jpg
5 qəpik 19.75 mm 4.85 g Reeded The Maiden Tower, denomination below
10 Azerbaijani qəpik Obverse.jpg
10 Azerbaijani qəpik Reverse.jpg
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 Azerbaijani qəpik Obverse.jpg
20 Azerbaijani qəpik Reverse.jpg
20 qəpik 24.25 mm 6.6 g Segmented reeding Spiral staircase, Geometry & Geometrical symbols, denomination left
50 Azerbaijani qəpik Obverse.jpg
50 Azerbaijani qəpik Reverse.jpg
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[edit]

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₼.[8] In February 2013 the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.[9]

In 2018, a 200₼ banknote was issued to commemorate Heydar Aliyev's 95th birthday.[10]

Redesigned 1₼, 5₼, and 50₼ banknotes were introduced in 2021, preserving the same motifs but with updated designs.[11] These circulate in parallel with existing notes.

A new commemorative 500₼ banknote was introduced in 2021.[12]

2005 series[edit]

Image Value Dimensions Main Color Description Year
Obverse Reverse Obverse Reverse
1 Azerbaijani manat in 2005 Obverse.jpg
1 Azerbaijani manat in 2005 Reverse.jpg
1₼ 120 × 70 mm Grey Theme: Culture

Azerbaijani folk music instruments (daf, kamancheh, tar)

Ornaments of regional carpets 2005
1 Azerbaijani manat in 2017 Obverse.jpg
1 Azerbaijani manat in 2017 Reverse.jpg
2009, 2017
5 Azerbaijani manat in 2005 Obverse.jpg
5 Azerbaijani manat in 2005 Reverse.jpg
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
5 Azerbaijani manat in 2017 Obverse.jpg
5 Azerbaijani manat in 2017 Reverse.jpg
2009, 2017
10 Azerbaijani manat in 2005 Obverse.jpg
10 Azerbaijani manat in 2005 Reverse.jpg
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
10 Azerbaijani manat 2018 Obverse.jpg
10 Azerbaijani manat 2018 Reverse.jpg
2018
20 Azerbaijani manat in 2005 Obverse.jpg
20 Azerbaijani manat in 2005 Reverse.jpg
20₼ 141 × 70 mm Green Theme: Karabakh

Signs of power (a sword, a helmet and a shield)

Symbol of peace (harybulbul) 2005
50 Azerbaijani manat in 2005 Obverse.jpg
50 Azerbaijani manat in 2005 Reverse.jpg
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 Azerbaijani manat in 2005 Obverse.jpg
100 Azerbaijani manat in 2005 Reverse.jpg
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
100 Azerbaijani manat in 2013 Obverse.jpg
100 Azerbaijani manat in 2013 Reverse.jpg
2013
200 Azerbaijani manat in 2018 Obverse.jpg
200 Azerbaijani manat in 2018 Reverse.jpg
200₼ 160 × 70 mm Blue Theme: Modern architecture

The Heydar Aliyev Center, Baku

Ornaments of regional carpets 2018

2020 refurbishment[edit]

Image Value Dimensions Main Color Description Year
Obverse Reverse Obverse Reverse
1 manat - 2020 - obv.jpg
1 manat - 2020 - rev.jpg
1₼ 120 × 70 mm Grey Theme: Culture

Azerbaijani folk music instruments (daf, kamancheh, tar)

Ornaments of regional carpets 2020
5 manat - 2020 - obv.jpg
5 manat - 2020 - rev.jpg
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 manat 2022 (1).jpg 10 manat 2022.jpg 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
Azerbaijan 20 manat 2020 obverse.jpg Azerbaijan 20 manat 2020 reverse.jpg 20₼ 141 × 70 mm Green Theme: Karabakh

Signs of power (a sword, a helmet and a shield)

Symbol of peace (harybulbul) 2022
50 manat - 2020 - obv.jpg
50 manat - 2020 - rev.jpg
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
Azerbaijan 500 manat Karabakh obverse.jpg
Azerbaijan 500 manat Karabakh reverse.jpg
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[edit]

  • 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[edit]

References[edit]

  1. ^ "Definition of Manat". Dictionary by Merriam-Webster. Retrieved 19 March 2018.
  2. ^ National Bank of Azerbaijan. "History of the National Bank of Azerbaijan". Archived from the original on 2007-03-15. Retrieved 2006-12-30.
  3. ^ "Currency codes". Interinstitutional style guide. European Union. 7 January 2014.
  4. ^ Aliyev, Rustam (Jun 18, 2013). "Azeri Manat symbol is coming to Unicode (U+20BC)". Code.az.
  5. ^ Pentzlin, Karl (2013-06-10). "Proposal to add the currency sign for the Azerbaijani Manat to the UCS" (PDF) (PDF).
  6. ^ https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_127.pdf[bare URL PDF]
  7. ^ https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_129.pdf[bare URL PDF]
  8. ^ Trend.az (17-11-2011). Available at http://www.trend.az/capital/business/1958468.html
  9. ^ Trend.az (26-02-2013). Available at http://www.trend.az/capital/business/2123837.html
  10. ^ "Archived copy". Archived from the original on 2018-10-16. Retrieved 2018-05-25.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ "Yenilənmiş 1, 5 və 50 manatlıq pul nişanları".
  12. ^ "Central Bank presents commemorative currency issued to circulation due to V-Day".

External links[edit]