Azerbaijani manat
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| Azerbaijani manat Azərbaycan manatı (Azerbaijani) |
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| ISO 4217 Code | AZN | ||||
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| User(s) | Azerbaijan except Nagorno-Karabakh | ||||
| Inflation | 11.5% | ||||
| Source | National Bank of Azerbaijan, November, 2006 | ||||
| Method | CPI | ||||
| Subunit | |||||
| 1/100 | qəpik | ||||
| Symbol |  , m, ман. or man. |
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| Coins | 1, 3, 5, 10, 20, 50 qəpik | ||||
| Banknotes | 1, 5, 10, 20, 50, 100 manat | ||||
| Central bank | National Bank of Azerbaijan | ||||
| Website | www.nba.az | ||||
The manat (currency code: AZN) is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from the Russian word "монета" (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., or ман. can be used as a substitute for the manat symbol.
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[edit] First Manat, 1919-1923
The Azerbaijan Democratic Republic and the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. This currency was called the manat (منات) in Azerbaijani and the ruble (рубль) in Russian, with both language appearing 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.
[edit] Banknotes
The Democratic Republic issued notes in denominations of 25, 50, 100, 250 and 500 manat, whilst the ASSR issued notes in denominations of 5, 100, 1000, 5000, 10,000, 25,000, 50,000, 100,000, 250,000, 1 million and 5 million manat.
[edit] Second Manat, 1992-2006
The second manat was introduced on 15 August 1992.[1] It had the ISO 4217 code AZM and replaced the Russian 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.
[edit] 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.
[edit] Banknotes
The following banknotes were issued for this currency [1]
- 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.
[edit] 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 5000 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. One New Azerbaijanian Manat is a little bigger than a US 1 cent coin.
The former manat (ISO code 4217 AZM) remained valid till 31 December 2006. [2]
[edit] Coins
Coins in circulation are 1, 3, 5, 10, 20 and 50 qəpik (the latter being bimetallic, similar to the €2 coin)
[edit] 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 | |||||||
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| Image | Value | Dimensions | Main Colour | Description | |||
| Obverse | Reverse | Theme | Obverse | Reverse | |||
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1 manat | 120 × 70 mm | Grey | Culture | Azerbaijani folk music instruments | Ornaments of ancient Azerbaijani carpets |
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5 manat | 127 × 70 mm | Orange | Writing and literature | Ancient writers, poets, and books from Azerbaijan | Rock drawings of Qobustan, samples of Orkhon script and letters from the contemporary Azerbaijani alphabet |
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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 |
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20 manat | 141 × 70 mm | Green | Karabakh | Signs of power (a sword, a helmet and a shield) | Symbol of peace (harybulbul) |
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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 |
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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, a Wikipedia standard for world banknotes. For table standards, see the banknote specification table. | |||||||
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| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
[edit] Export restrictions
Azerbaijani law prohibits the export of the local currency. Therefore, manat coins and banknotes can be quite difficult to find outside of the country.[citation needed]
[edit] See also
[edit] References
- ^ National Bank of Azerbaijan. History of the National Bank of Azerbaijan. Retrieved on 2006-12-30.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- 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.
[edit] External links
- Don's World Coin Gallery - Azerbaijan
- Ron Wise's World Paper Money - Azerbaijan Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Azerbaijan
- Global Financial Data currency histories table (
Microsoft Excel format) - (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
- Coins of former Soviet republics
| Preceded by: First Transcaucasian ruble Ratio: at par |
Currency of Azerbaijan 1919 – 1923 |
Succeeded by: Second Transcaucasian ruble |
| 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 |
| Preceded by: Second manat Reason: inflation Ratio: 1 third manat = 5000 second manat |
Currency of Azerbaijan 1 January 2006 – |
Succeeded by: Current |
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