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{{AsianCurrencies}} |
{{AsianCurrencies}} |
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[[Category:Azerbaijan]] |
[[Category:Economy of Azerbaijan]] |
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[[Category:National currencies]] |
[[Category:National currencies]] |
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The manat is the currency unit of Azerbaijan. 1 Azeri manat (AZM) equals 100 qapik (no longer used due to inflation). The word manat is borrowed from the Russian word『монета』(coin) which is pronounced as "maneta". Manat was also the designation of the Soviet rouble in both Azeri and Turkmen. The manat was introduced in 1992, replacing the Soviet ruble at a rate of ten rubles to one manat.
As of January 6, 2005, one US dollar is worth 4,922.94 Azerbaijani manats. This rate has been fairly stable (varying within the band 4850-4990) since early 2002. Banknotes below 50 manats (~ 1 US cent) had effectively disappeared from circulation in the capital, Baku, as of early 2005, and coins were not in use.
It is planned to re-denominate at the rate of 1 manat (national currency) = 5000 manats currently in use, with effect from 1 January 2006. Coins will be re-introduced at the same time. Starting on 1 October 2005, prices will be indicated both in manats (national currency) and in old manats.
In 1st January, new coins and banknotes will be available for circulations, 6 new coins will be introduced: 1, 3, 5, 10, 20 and a bimetallic 50 Qapik coins (a hundred part of New Manat). The banknotes will be availables in values of 1, 5, 10, 20, 50 and 100 New Manat.
Banknotes from 1 to 250 manats feature Baku's Maiden Tower. Banknotes from 1 to 100 manat are used very rarely.
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