The national currency of Azerbaijan is manat. It has a symbol on the world market AZN with the currency code ISO 4217. The manat is divided into 100 qepiks, smaller national currency units of the monetary form,
used by the population of the country to calculate for cheaper goods. The cost of the denominated manat is currently the highest for the US dollar and amounts to 1.28 USD per 1 AZN. After the reform in 2006, the currency in Azerbaijan has a fairly stable and high rate, but the American dollar and Russian ruble are still quite popular on the outskirts of the state.
Face value
Today, Azerbaijan uses monetary units of banknote and coin form under the name manat and qepik, respectively. Azerbaijan currency printed on high-quality paper from 120 X 70 mm to 155 X 70 mm and with a face value of 1, 5, 10, 20, 50 and 100 units. Qepiks are made using brass, steel and copper with a face value of 1, 3, 5, 10, 20 and 50 units. The appearance of the denominated currency, fully used in Azerbaijan since 2007, was developed by Austrian designer Robert Kalin.
History of Azerbaijani money
With the collapse of the Soviet Union and the independence of Azerbaijan on October 18, 1991, the young state, along with its coat of arms and anthem, needed to acquire national banknotes. However, due to industrial difficulties and other adverse events, until 1993, Azerbaijan still used the Soviet ruble and Bank of Russia tickets. Manat would be introduced on August 15, 1992. Coins of Azerbaijan - qepiks were introduced at the same time. But to this day, money samples of that time did not reach and were withdrawn from circulation in 2007. In 2005, the government decided to start a full-fledged denomination of national currency units in connection with the large devaluation of the manat of that time. Then the currency of Azerbaijan thanks to Western designers got a modern look. And its release was partially carried out at the factories of De La Rue. The denomination was launched on January 1, 2006, while the state government exchanged 5,000 old manats for 1 new manat. The money of the previous sample was in circulation until January 1, 2007.
Transcaucasian financial region
Stable Today, the currency of Azerbaijan is a rather convenient way of accumulating the population’s funds for implementing various costly programs for the development of the country. Which, in turn, is an important factor for the newly formed state in the territory of warlike Transcaucasia. A competent financial policy for the benefit of the people is the path that Azerbaijan is confidently following today. Currency, having great purchasing power and having a certain level of trust among the population, this is one of the most important elements in the process of its social security. 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 earnings - this is the future of modern civilization, which all the states of the post-Soviet space aspire to.