Azerbaijani Manat (AZN)

Basic Concepts of Azerbaijani Manat

The Azerbaijani Manat is the legal tender of the Republic of Azerbaijan with ISO 4217 code AZN and currency symbol ₼. Issued and managed by the Central Bank of Azerbaijan, it is circulated in the form of banknotes and coins in parallel and has a floating exchange rate system.

Countries and Regions of Use

The Azerbaijani Manat is the only legal tender in Azerbaijan. It is also used as the main currency in circulation in the Nakhchivan Autonomous Republic and the disputed region of Nagorno-Karabakh, and is exchanged outside the country through designated financial institutions.

Currency units and denomination system

1 manat = 100 kopecks (qəpik). Current banknote denominations include 1, 5, 10, 20, 50, 100, and 200 manat, while coin denominations are 1, 3, 5, 10, 20, and 50 kopecks. All banknotes are imprinted with Azerbaijani national symbols and historical and cultural elements, using advanced anti-counterfeiting technology.

Historical background

The first generation of manat circulated in 1919-1923 and was reintroduced after the collapse of the Soviet Union in 1992, and in 2006 a currency reform was implemented with the issuance of a new version of the manat (1 new manat = 5,000 old manats).The current version of the banknote, introduced in 2018, is based on the theme of the "Independence Legacy," reflecting the country's cultural heritage.

Economic status and exchange rate characteristics

As the currency of an oil-exporting country, the Manat's exchange rate is closely linked to energy prices, and was changed to a free-floating rate in 2015 due to fluctuations in oil prices. Currently, it is mainly pegged to the US dollar, the euro and other international currencies, and has an important settlement status in the economy and trade of the Caspian Sea region.