18 years passed since launch of Azerbaijan's national currency

18 years have passed since Azerbaijan’s national currency manat was put into circulation. Banknotes with denomination 1,5,10 manat and various coins were put into circulation on Aug. 15, 1992. However, sharp rise in inflation triggered by economic and political instability caused manat’s devaluation which necessitated introduction of larger denominations. As a result, banknotes with a denomination of 50,000 manat were launched in 1992-1995.

In 2006, Azerbaijan carried out denomination in the scale of 1 / 5000 which was followed by a change in design of banknotes and coins, as well as increased circulation period.

Coins with denomination of 1, 2, 3, 5, 10, 20 and 50 and banknotes with denomination of 1, 5, 10, 20, 50 and 100 are in circulation at present. On Jan. 1, 1994, manat was declared sole means of payment in the country with the Soviet ruble being withdrawn from circulation.


/ANS PRESS/