Basic Country Data:

• Country ISO Code: AZ

• Official Language: Azerbaijani

• Language ISO Code: az

• Current Official Currency: Azerbaijani manat

• Current Currency ISO Code: AZN

Complete Financial History of the Republic of Azerbaijan:

1. Current Official Currency: Azerbaijani manat (AZN)

• ISO Code: AZN

• Singular Name: manat

• Plural Name: manat

• Monetary Subdivision: 1 manat = 100 qəpik (gapik)

• Subdivision Name Singular: qəpik

• Subdivision Name Plural: qəpik

• Initial Production Date: August 15, 1992

• Initial Circulation Date: 1992

• Final Production Date: ongoing

• Final Circulation Date: currently in circulation

• Issuing Bank: Central Bank of Azerbaijan

• Coin Denominations: 1, 3, 5, 10, 20, 50 qəpik

• Banknote Denominations: 1, 5, 10, 20, 50, 100, 200 manat

• Designs / Symbols:

  • Coins feature national symbols and denomination values.

  • Banknotes depict Azerbaijani culture, music, literature, architecture, and science, designed by Robert Kalina, who also designed the euro banknotes.

• Current Circulation Status: official currency, in active use

• Economic Historical Context:

  • The first manat issuance was during the Azerbaijan Democratic Republic (1919–1923), with banknotes in Azerbaijani, Russian, and French.

  • After the dissolution of the Soviet Union, the manat was reintroduced in 1992, replacing the Soviet ruble.

  • Experienced hyperinflation and devaluation in early years.

  • In 2006, redenomination occurred at a rate of 1 new manat = 5000 old manats, with new banknotes and coins issued.

  • Historically pegged to the US dollar, with recent fluctuations and adoption of a floating exchange rate regime since 2015.

• Relevant Monetary Legislation: Central Bank regulations and presidential decrees on redenomination and exchange policy

• Signatories on Banknotes: Central Bank presidents (not publicly disclosed)

• Persons Honored: Azerbaijani cultural and historical figures such as poets, musicians, and scientists

• Curiosities:

  • The 1919 banknotes included French inscriptions to facilitate international recognition.

  • Modern banknote designs were created by Robert Kalina, also designer of the euro.

  • In 2015, the Central Bank adopted a floating exchange rate regime following significant devaluation due to oil price drops.

2. Previous Currencies

• Manat of the Azerbaijan Democratic Republic (1919–1923)

• Soviet ruble until 1992

• Old manat (AZM) from 1992 to 2006, with high inflation and large denominations

This report presents the financial history of Azerbaijan, highlighting the current manat, its subdivisions, historical phases, characteristics of currency issues, and economic context since post-Soviet independence.