2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The national currency of Azerbaijan is the manat. It has a symbol in the world market AZN with the currency code ISO 4217. The manat is subdivided into 100 qepiks, smaller national monetary units of the monetary form,
used by the country's population to pay for cheaper goods. The value of the denominated manat today is the highest for the US dollar and is 1.28 USD per 1 AZN. The currency in Azerbaijan after the reform in 2006 has a fairly stable and high exchange rate, but the American dollar and the Russian ruble are still quite popular on the outskirts of the state.
Denomination
Azerbaijan currently uses banknote and monetary units called manat and qapik, respectively. The currency of Azerbaijan is printed on high-quality paper ranging in size from 120 X 70 mm to 155 X 70 mm and denominations of 1, 5, 10, 20, 50 and 100 units. Qepiks are made using brass, steel and copper with denominations of 1, 3, 5, 10, 20 and 50 units. The appearance of the denominated currency, fully used in Azerbaijan since 2007, was designed by Austrian designer Robert Kalin.
History of Azerbaijani money
With the collapse of the Soviet Union and with Azerbaijan gaining independence on October 18, 1991, the young state, along with the emblem and anthem, had to acquire national banknotes. However, due to industrial difficulties and other adverse events, Azerbaijan until 1993 still used the Soviet ruble and Russian bank notes. The manat would have been put into use on August 15, 1992. At the same time, coins of Azerbaijan - qapiks - were also introduced. But to this day, samples of money from that time have not reached and were withdrawn from circulation in 2007. In 2005, the country's government decided to start a full-fledged denomination of national monetary units in connection with the large devaluation of the manat at that time. Then the currency of Azerbaijan, thanks to Western designers, received a modern look. And its release was partially carried out at the factories of the company De La Rue. The denomination was launched on January 1, 2006, with the government of the state exchanging 5,000 old manats for 1 new one. The money of the previous sample was in circulation until January 1, 2007.
Transcaucasian financial region
Azerbaijan's stable currency today is a fairly convenient way to accumulate funds from the population for the implementation of various costly programs for the development of the country. Which, in turn, is an important factor for the newly formed state on the territory of the militant Transcaucasus. A competent financial policy for the benefit of the people is the path that is being confidently followed todayAzerbaijan. A currency that has a large purchasing power and has a certain level of trust among the population is one of the most important elements in the process of its social security. And a stable exchange rate in Azerbaijan is a guarantee that society will function safely with a high level of development of science, medicine, education and decent wages - this is the future of modern civilization, which all states of the post-Soviet space aspire to.
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