The second manat was the main currency of Azerbaijan between 15 August 1992 and 1 January 2006. It remained valid through 31 December 2006.
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.
The second Azerbaijani manat was subdivided into 100 qəpik. At the end of 1993, the qəpik coins had however effectively disappeared due to inflation.
The second manat was introduced on 15 August 1992. It had replaced the Soviet ruble at a rate of 10 rubles to 1 manat.
From early 2002 to early 2005, the exchange rate was fairly stable. 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 petrodollars into the country, together with the generally high price of oil on the world market.
On 1 January 2006, a new manat was introduced at a ratio of 1 new manat to 5,000 old manat.
Coins were issued in denominations of 5, 10, 20 and 50 qəpik, dated 1992 and 1993. Although brass and cupro-nickel were used for some of the 1992 issues, later issues were all in aluminium. These coins were rarely used in circulation.
The following banknotes were issued for this currency:
The first banknotes were issued on 15 August 1992 in denominations of 1, 10 and 250 manat.
A new banknote series were issued in early 1993, with banknotes up to 100 manat featuring the Maiden Tower from a different angle.
Due to inflation, banknotes of 10.000, 50.000 and 1000 manat were added in 1994, 1996 and 2001. Banknotes below 100 manat from previous series had effectively disappeared by 2005.