The national currency of Azerbaijan — manat (AZN)
The first cash manats appeared in Azerbaijan in 1919. However, in 1923, their use had to be abandoned quite soon. The reason for this was Azerbaijan's joining the USSR. In the whole Union space, payments were made exclusively in roubles.
Recent history
With the collapse of the USSR and the independence of Azerbaijan, the national currency of this country became the manat again. The first cash banknotes were printed in 1992 in Paris. Their face value was 1 and 10 manats. Later on, the Central Bank of Azerbaijan was in charge of issuing cash notes.
The transition period from the planned Soviet legacy to market relations could not but affect the states' economies that gained independence. Adaptation to the new realities required time. At the same time, the exchange rates of local currencies were not characterized by stability. To optimize domestic demand for cash, the Central Bank of Azerbaijan started issuing 10,000 manat banknotes in 1994 and 50,000 manat banknotes in 1996.
These banknotes circulated until the end of 2007, when the monetary reform was carried out. The Azerbaijani leadership decided to denominate, i.e. to change the scale of prices back in 2005. This required the transition to new money reflecting the actual value. To protect the population from "financial shock", the process was carried out gradually.
The Azerbaijani manat (AZN) in its current form was circulated on 1 January 2006. The old-style manat (AZM) was decided to be withdrawn from mutual settlements within 12 months. The exchange rate of AZN to AZM was 1 to 5000. On 1 January 2007, the "old money" completely disappeared from circulation.
Our days
Today, experts consider the Azerbaijani currency the most stable in the CIS. This is due to:
- A tight peg to the American dollar;
- Azerbaijan's rich natural resources;
- Competent policy of the Central Bank.
Approximately half of all payments in the country are made in cash.
Face value and appearance of cash banknotes
There are circulation banknotes of 1, 5, 10, 20, 50, 100 and 200 manats. The reverse side of each banknote contains a schematic map of Azerbaijan. On the front, each banknote is unique.
- National musical instruments are depicted on the front of the 1 manat banknote. These are tara, kamanchi and dafa. The background is carpet patterns.
- The 5-manat banknote depicts ancient books, writers and even a part of the national anthem.
- The 10-manat banknote schematically shows Icherisheher, which means fortress or "old city". It also contains the Maiden Tower and national ornaments.
- The theme of images on the 20 manat note is dedicated to Karabakh. Military symbols: helmet, shield, and sword are neighbouring with the symbol of good — a flower.
- The 50-manat banknote shows steps, the sun, and scientific symbols from chemistry and mathematics.
- The banknote of 100 manat shows on its front side the main milestones of the development of Azerbaijani architecture: from an ancient fortress to modern skyscrapers.
- The 200-manat banknote depicts the Heydar Aliyev Centre, one of the main symbols of modern Baku.
How do you exchange Azerbaijani manats (AZN)?
On our website, you can find the most favourable offers to exchange cash AZN for several cryptocurrencies. The list contains only reliable exchange offices with a proven name and reputation.
