Azerbaijani manat: Difference between revisions

| currency_name_in_local = {{native name|az|Azərbaycan manatı|italic=no}}

| image_title_1 = 1₼ banknote obverse

| image_title_2 = Azerbaijani manat coins

| inflation_rate = 3% H1 2018

| inflation_source_date = [https://menafn.com/1097491167/ADB-reduces-inflation-forecast-on-Central-Asia-given-currency-stability-in-Azerbaijan MENAFN]

| inflation_method = [[Consumer price index|CPI]]

| subunit_name_1 = [[Qapik|qəpik]]

| symbol = ₼ or m

| rarely_used_banknotes = [[500 manat|500₼]]

| used_coins = 1, 3, 5, 10, 20, 50 [[qəpik]]

| frequently_used_banknotes = 1₼, 5₼, 10₼, [[20 manat|20₼]], [[50 manat|50₼]], [[100 manat|100₼]], 200₼

The '''manat''' ([[ISO 4217|code]]: '''AZN''' ; symbol: '''₼''' or '''m''') is the [[currency]] of [[Azerbaijan]]. It is subdivided into 100 ''[[qəpik]]''.

The first iteration of the currency happenedin the times of the [[Azerbaijan Democratic Republic]] and its successor, the [[Azerbaijan Soviet Socialist Republic|Azerbaijani 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|Soviet rouble]]. In Soviet times, the common currency of the [[USSR]] was known as manat in [[Azeri language]].

When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet rouble 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 denomination in 2006, when 5,000 old manat were substituted with the new currency, which bears some resemblance to the [[euro]]. The currency has mostly been pegged to the [[United States dollar]], at what is now the rate of 1.70₼ to US$1.

The Azerbaijani manat symbol, ₼ (<span style="background-color: white;">&nbsp;[[File:Azeri manat symbol.svg|13px]]&nbsp;</span>), was assigned to [[Unicode]] U+20BC in 2013. A lowercase '''m''' was used previously, and may still be encountered when the manat symbol is unavailable.

The word ''"manat"'' is derived from the Persian word ''"munāt"'' and the Russian word ''"монета"'' ("moneta") meaning "coin".<ref>{{cite web|title=Definition of Manat|url=https://www.merriam-webster.com/dictionary/manat|website=Dictionary by Merriam-Webster|access-date=19 March 2018}}</ref> It was used as the name of the [[Soviet_ruble#Ruble_in_the_Soviet_Union|Soviet currency]] in Azeri ({{lang-az|манат}}) and in [[Turkmen language|Turkmen]].

{{main|Azerbaijani rouble}}

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 language|Azerbaijani]] and the rouble (рубль) in [[Russian language|Russian]], with the denominations written in both languages (and sometimes also in French) on the banknotes. The manat replaced the first [[Transcaucasian ruble|Transcaucasian rouble]] at par and was replaced by the second Transcaucasian rouble after Azerbaijan became part of the [[Transcaucasian Soviet Federal Socialist Republic]]. No subdivisions were issued, and the currency only existed as banknotes.

The Democratic Republic issued notes in denominations of 25, 50, 100, 250 and 500 manat, 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&nbsp;million and 5&nbsp;million manat.

The second manat was introduced on 15 August 1992.<ref>{{cite web | author=National Bank of Azerbaijan | author-link=National Bank of Azerbaijan | url=http://www.nba.az/?mod=inside&id=456&lang=en&sub1=463 | title=History of the National Bank of Azerbaijan | access-date=2006-12-30 | archive-url=https://web.archive.org/web/20070315162037/http://www.nba.az/?mod=inside&id=456&lang=en&sub1=463 | archive-date=2007-03-15 | url-status=dead }}</ref> It had the [[ISO 4217]] code AZM and replaced the [[Soviet ruble|rouble]] at a rate of 10&nbsp;Rblsto1m.

From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4,770–4,990m per [[United States dollar|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 [[petrodollar]]s into the country, together with the generally high [[price of oil]] on the world market. At the end of 2005, one dollar was worth 4,591m. Banknotes below 100m had effectively disappeared by 2005, as had the qəpik coins.

[[File:Second manat coins.jpg|thumb|right|Qəpik coins of the second manat]]

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

* 1m, 5m, 10m, 250m (all first issued on 15 August 1992)

* 50m, 100m, 500m, 1,000m (all first issued in early 1993)

* 10,000m (first issued in August 1994)

* 50,000m (first issued in May 1996)

| rowspan="2" |1m

|5m

| rowspan="2" |10m

|50m

|100m

|250m

|500m

| rowspan="2" |1,000m

|10,000m

|50,000m

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a ratio of 1₼ to 5,000m. From 1 October 2005, prices were indicated both in new manat and in old manat 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.<ref>{{cite web |url=http://publications.europa.eu/code/en/en-5000700.htm |title=Currency codes |date=7 January 2014|work=Interinstitutional style guide |publisher=[[Europa (web portal)|European Union]]}}</ref>

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.<ref>{{cite web |url=http://code.az/azeri-manat-symbol-coming-to-unicode-u20bc/ |title=Azeri Manat symbol is coming to Unicode (U+20BC) |date=Jun 18, 2013 |first=Rustam |last=Aliyev |work=Code.az}}</ref> The final Azerbaijani Manat symbol design was inspired by the design of the [[Euro sign]] (€), based on an initial proposal by Mykyta Yevstifeyev,<ref>{{cite web |url=http://std.dkuug.dk/jtc1/sc2/wg2/docs/n4445.pdf |title=Proposal to add the currency sign for the Azerbaijani Manat to the UCS |date=2013-06-10 |first=Karl |last=Pentzlin |type=PDF}}</ref> and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount.

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.<ref>https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_127.pdf {{Bare URL PDF|date=June 2022}}</ref> 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).<ref>https://www.six-group.com/dam/download/financial-information/data-center/iso-currrency/amendments/dl_currency_iso_amendment_129.pdf {{Bare URL PDF|date=June 2022}}</ref>

Coins in circulation are 1, 3, 5, 10, 20 and 50 qəpik.

Most coins closely resemble the size and shape of various euro coins. Most notably the [[bimetallic coin|bimetallic]] 50 qəpik (similar to the [[euro coins|€2 coin]]) and the 10 qəpik (Spanish flower, like the 20 euro cent coin). Coins were first put into circulation during January 2006 and do not feature a mint year.

| 1 qəpik

| 3 qəpik

| 5 qəpik

| 10 qəpik

| 20 qəpik

| 50 qəpik

Banknotes in circulation are 1₼, 5₼, 10₼, 20₼, 50₼, 100₼, 200₼, and 500₼. They were designed by [[Austria]]n 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₼.<ref>Trend.az (17-11-2011). Available at http://www.trend.az/capital/business/1958468.html</ref> In February 2013 the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.<ref>Trend.az (26-02-2013). Available at http://www.trend.az/capital/business/2123837.html</ref>

In 2018, a 200₼ banknote was issued to commemorate Heydar Aliyev's 95th birthday.<ref>{{Cite web |url=https://en.cbar.az/releases/2018/05/23/central-bank-presents-new-currency/ |title=Central Bank of the Republic of Azerbaijan - Central Bank presents new currency |access-date=2018-05-25 |archive-url=https://web.archive.org/web/20181016170511/https://en.cbar.az/releases/2018/05/23/central-bank-presents-new-currency/ |archive-date=2018-10-16 |url-status=dead }}</ref>

Redesigned 1₼, 5₼, and 50₼ banknotes were introduced in 2021, preserving the same motifs but with updated designs.<ref>{{Cite web|url=https://www.cbar.az/page-466/upgraded-1-5-and-50-manat-banknotes|title = Yenilənmiş 1, 5 və 50 manatlıq pul nişanları}}</ref> These circulate in parallel with existing notes.

A new commemorative 500₼ banknote was introduced in 2021.<ref>{{Cite web|url=https://www.cbar.az/press-release-3372/mrkzi-bankda-zfr-gunu-il-laqdar-tdavul-buraxilan-xatir-pul-nisanlarinin-tqdimat-mrasimi-kecirildi?language=en#page-2|title = Central Bank presents commemorative currency issued to circulation due to V-Day}}</ref>

| rowspan="2" | 1₼

| rowspan="2" | 5₼

| rowspan="2" | 10₼

| [[20 manat|20₼]]

| [[50 manat|50₼]]

| rowspan="2" | [[100 manat|100₼]]

| 200₼

| 1₼

| [[Decorative arts|Ornaments]] of regional carpets

|5₼

Writers, poets, and books from Azerbaijan, with a written excerpt of the [[National Anthem of the Republic of Azerbaijan|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 Rock Art Cultural Landscape|Gobustan]], samples of [[Old Turkic script]]

|[[File:10_manat_2022_(1).jpg|frameless|131x131px]]

|10₼

Old Baku, the [[Palace of the Shirvanshahs]] and the [[Maiden Tower (Baku)|Maiden Tower]]<nowiki/>against a background of the [[Icheri Sheher]] wall

|Ornaments of regional carpets

|20₼

|Symbol of peace (''harybulbul'')

|50₼

|Ornaments of regional carpets

|500₼

|Brown, red, and green

[[Poppy|Poppies]], [[Khodaafarin Bridges|Khodaafar stone bridges]]

|Mausoleum of [[Molla Panah Vagif]]; [[Askeran fortress]]

*Before Feb 2015: US$1 = 0.78₼

*Feb - Dec 2015: US$1 = 1.05₼

*May 2017 onwards: US$1 = 1.7₼ ([[Currency peg|pegged]])

* [[Turkmenistan manat]]