Azerbaijani manat (AZN)

Modern name Azerbaijani currency, manat, has been used in the country itself for almost a century, being the unofficial variant for the Soviet ruble among the people.

Formation of the Azerbaijani manat

After Azerbaijan gained independence, the local authorities decided not to reinvent the wheel and leave the former name of money in force. Introduced officially into circulation in 1992, manat was quick to point out the economic difficulties in a country that had failed to make the transition to a market economy, as most post-Soviet state entities did. The hyperinflation that swept over Azerbaijan lasted for about a decade, with only a difference in the depreciation of the national currency. This situation in the country naturally caused distrust in the manat The dollarization of the economy of the Transcaucasian republic was reinforced by its focus on the export of oil products, which, as is well known, are settled in greenbacks. The dollarization of the Transcaucasian republic's economy was reinforced by its focus on the export of oil products, which, as is well known, are settled in greenbacks.

It is not surprising that in 2006 Azerbaijan carried out the long-awaited denomination, at a rate of 5000 old manats to one new manat. The design for the issued banknotes was developed by Robert Kolina, the creator of the design of the euro. This fact predetermined the external similarity of the Azerbaijani currency and the single European currency. After the denomination, they are also close in terms of the exchange rate.

Denominations of Azerbaijani manat

Banknotes of 1, 5, 10, 20, 50, 100 manats and coins of 1, 3, 5, 10, 20, 50 are in circulation. gyapikov. International designation of a new Azerbaijani manat - AZN.