Saturday, August 15, 2009

Azerbaijan’s National Currency Marks 17th Year In Circulation

APA
15 Aug 2009 15:03

Baku. Vahab Rzayev-APA-ECONOMICS. Azerbaijan’s national currency, manat, marks the 17th year in circulation.

First issued on 15 August 1992 after the country regained independence from the Soviet Union, the notes came in denominations of 1, 5, 10, 250 manat and coins (a manat is subdivided into 100 kopecks). After hyperinflation amid political turmoil in early 1990s, note in denomination of 50 000 was issued and small nots became useless.

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a value of 5000 old manat.

Since 1 October 2005, prices have been indicated both in new manats and in old manats to ease transition. Coins denominated in kopecks, which had not been used from 1993 onwards due to inflation, were reintroduced with the redenomination.
The former manat (ISO code 4217 AZM) were invalid from 31 December 2006.

Current banknotes in circulation are 1, 5, 10, 20, 50 and 100 manat. They were designed by Austrian Robert Kalina, who was also responsible for the current euro banknotes. The notes look quite similar to those of the euro and the choice of motifs was inspired by the euro banknotes. Coins in circulation are 1, 3, 5, 10, 20 and 50 kopecks.

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