Azerbaijani Manat

Azərbaycan manatı

The manat is the currency of Azerbaijan since 2006.

Name

The word manat is borrowed from the Persian word “munāt” and Russian word Монета “moneta” (coin) which is pronounced as “maneta” and is a loanword from Latin. Manat was also the designation of the Soviet ruble in both the Azerbaijani and Turkmen languages.

Symbol

The new banknotes and Azerbaijani Manat symbol (₼) were designed by Robert Kalina in 2006, and the symbol was added to Unicode in 2013, after failed addition proposals between 2008 and 2011. The final Azeri Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev, and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount.

Subdivision

The third Azerbaijani manat was subdivided into 100 qəpik.

History

On 1 January 2006, a new manat was introduced at a ratio of 1 new manat to 5,000 old manat. From 1 October 2005, prices were indicated both in new manat and in old manat to ease transition. Coins denominated in qəpik, which had not been used from 1993 onward due to inflation, were reintroduced with the re-denomination. The second manat remained valid through 31 December 2006.

Coins

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 50 qəpik (similar to the €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.

Banknotes

Banknotes in circulation are 1 manat, 5 manat, 10 manat, 20 manat, 50 manat, 100 manat and 200 manat. 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 motif 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 manat banknote was issued with the new name of the issuing bank, in 2012 a 5 manat banknote was issued with the new name of the issuing bank, in 2017 a 100 manat banknote dated 2013 was issued with the new name of the issuing bank and in 2019 followed by a 10 manat banknote dated 2018.

In 2011 Azerbaijan’s Ministry of Finance announced it was considering to issue notes of 2 and 3 manat as well as notes with values larger than 100 manat. In February 2013 the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014. In 2018, a 200 manat banknote was issued to commemorate Heydar Aliyev’s 95th birthday.

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