Monday, August 15, 2011
Azerbaijan Manat Turns 19
Mon 15 August 2011
Today marks 19 years since national currency manat was first put into circulation.
1, 10 and 250 manat banknotes were put into circulation in August 1992, 5, 10, 20 and 50 qapik coins – in November, 5 manat banknotes – in December and 50, 100, 500 and 1,000 manat banknotes – in March 1993.
The first cash money of Azerbaijan was first emitted by the Central Bank of France in 1992.
New generation of banknotes and coins were put into circulation from January 2006 under the presidential decree “On changing nominal value of coins and banknotes and denominations” dated 7 February, 2005.
One new manat was equaled to 5,000 old manat under the current denomination.
Economic expert Vugar Bayramov says exchange rate of manat against dollar is expected to fall by the end of the year.
The Central Bank will maintain cost of manat against dollar, he added. But, unfortunately, this does not contribute to manat’s role in the region. Manat has failed to play a mediating role in the region so far.
“Manat is not used in transactions and as a means of exchange in the region. The role of manat in the region should therefore be promoted,” the expert added.