Azerbaijan first introduced its own currency in 1919, marking a significant milestone for the newly established Azerbaijan Democratic Republic. This initiative demonstrated the republic’s ambition to assert its identity on the international stage, as evidenced by the highest denomination of 500 manats, which was inscribed in the French language, a nod to its aspirations for global recognition.
The currency underwent a transformation in 1920 when it was reissued under the name of the Azerbaijan Soviet Socialist Republic. However, in 1923, Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic, resulting in the banking system being placed under Moscow’s control. By 1936, following the constitutional changes within the USSR, Azerbaijan officially joined the Soviet Union, and the ruble became the sole currency, effectively sidelining the manat.
A new chapter in Azerbaijan’s monetary history began with the restoration of independence in the early 1990s. On July 15, 1992, the President of Azerbaijan issued a decree establishing a national currency, paving the way for the manat’s reintroduction. The new currency was officially put into circulation on August 15, 1992, and by January 1, 1994, under the leadership of President Heydar Aliyev, the manat was declared the only legal tender throughout the country.
Today, the manat is issued in various denominations, including 1, 5, 10, 20, 50, and 100 manats, with each manat subdivided into 100 qapiks. In addition to banknotes, there are metal coins available in denominations of 1, 3, 5, 10, 20, and 50 qapiks. The modern design of the manat was crafted by Robert Kalina from OeBS (Österreichische Banknoten und Sicherheitsdruck GmbH), who is also known for his work on the contemporary Euro. The technical specifications for the new generation of banknotes were developed with the assistance of the National Bank of Switzerland, incorporating a sophisticated four-pillar protection system. This system is user-friendly, allowing the general public to verify authenticity without the need for specialized equipment.
In Azerbaijan, banks typically operate from 9:00 AM to 5:30 PM, with some institutions extending their hours into the evening. Currency exchange services are readily available at banks, hotels, and numerous exchange points, many of which operate around the clock, especially in Baku, major cities, and airports. Some retail establishments also feature currency exchange offices. The exchange rates at banks and currency exchange offices are generally very similar, ensuring convenience for both locals and visitors.
