Azerbaijani manat

The manat (ISO code: AZN; sign: ₼; abbreviation: m) is the currency of Azerbaijan. It is subdivided into 100 gapiks.

Manat

Azərbaycan manatı (Azerbaijani)
₼1 banknote obverse Azerbaijani gapik coins
ISO 4217
Code	AZN (numeric: 944) before 2006: AZM, AYM
Subunit	0.01
Unit
Unit	manat
Plural	The language(s) of this currency do(es) not have a morphological plural distinction.
Symbol	₼‎
Denominations
Subunit
1⁄100	Gapik
Banknotes
Freq. used	₼1, ₼5, ₼10, ₼20, ₼50, ₼100, ₼200
Rarely used	₼500
Coins	1, 3, 5, 10, 20, 50 gapiks
Demographics
Replaced	Russian ruble[1]
User(s)	Azerbaijan
Issuance
Central bank	Central Bank of Azerbaijan
Website	www.cbar.az
Valuation
Inflation	8.8%, December 2023
Source

The first iteration of the currency emerged in the Azerbaijan Democratic Republic and its successor, the Azerbaijan 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 ruble.

When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet ruble 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 redenomination in 2006, when old manats (AZM) were substituted with lower face values and new design. The currency has mostly been pegged to the US dollar, at what is now the rate of ₼1.70 to US$1.

The Azerbaijani manat symbol was added to Unicode as U+20BC ₼ MANAT SIGN 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 Latin word "monēta" and the Russian word "монета" ("moneta") meaning "coin".^[2] It was used as the name of the Soviet currency in Azeri (Azerbaijani: манат) and in Turkmen.

First manat, 1919–1923

Main article: Azerbaijani ruble

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

The Democratic Republic issued notes in denominations of 25, 50, 100, 250, and 500 manats, 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 manats.

Second manat, 1992–2006

The second manat was introduced on 15 August 1992.^[3] It had the ISO 4217 code AZM and replaced the Russian ruble which itself replaced the Soviet ruble at a rate of RUR 10 to 1 manat.^[1]

From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4,770–4,990 manats 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 4,591 manats. Banknotes below 100 manats had effectively disappeared by 2005, as had the gapik coins.

Coins

Gapik coins of the second manat

Coins were issued in denominations of 5, 10, 20, and 50 gapiks, 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

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

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

Third manat, 2006

Further information: Redenomination of Azerbaijani manat

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 manats. From 1 October 2005, prices were indicated both in new manats and in old manats 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.^[4]

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.^[5] The final Azerbaijani Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev,^[6] and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount in Azeri and Russian.

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.^[7] 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).^[8]

Coins

Coins in circulation are 1, 3, 5, 10, 20 and 50 gapiks. Most coins closely resemble the size and shape of various euro coins. Most notably the bimetallic 50 gapik (similar to the €2 coin) and the 10 gapik (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 gapik	16.25 mm	2.8 g	Copper-plated steel	Plain	Map of Azerbaijan, country name, value	Traditional musical instruments, denomination left
		3 gapiks	18 mm	3.45 g		Smooth with a groove		Books and quill, denomination above
		5 gapiks	19.75 mm	4.85 g		Reeded		The Maiden Tower, denomination below
		10 gapiks	22.25 mm	5.1 g	Brass-plated steel	Smooth with seven indentations		Military helmet of the region of Nagorno-Karabakh, denomination left
		20 gapiks	24.25 mm	6.6 g		Segmented reeding		Spiral staircase, Geometry & Geometrical symbols, denomination left
		50 gapiks	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.^[9] In February 2013, the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.^[10]

In 2018, a ₼200 banknote was issued to commemorate Heydar Aliyev's 95th birthday.^[11]

Redesigned ₼1, ₼5, and ₼50 banknotes were introduced in 2021, preserving the same motifs but with updated designs.^[12] These circulate in parallel with existing notes.

A new commemorative ₼500 banknote was introduced in 2021.^[13]

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)	Map of Azerbaijan	2020
		₼5	127 × 70 mm	Orange	Theme: Writing and literature Writers, poets, and books from Azerbaijan, with the lyrics of the full Azərbaycan marşı
		₼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		2022
		₼20	141 × 70 mm	Green	Theme: Karabakh Signs of power (a sword, a helmet and a shield)		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)		2020
		₼500 (commemorative)	165 × 70 mm	Brown, red, green and blue	Theme: The 2020 Karabakh War Poppies, Khodaafarin 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
• Turkmenistani manat
• Economy of Azerbaijan
• Banking in Azerbaijan