Azerbaijani Manat Marks Three Decades of Circulation

The Azerbaijani manat has been in circulation for 34 years, having first been introduced on August 1, 1992, when then-President Abulfaz Elchibay signed a decree laying the legal foundation for its introduction. The first banknotes, in denominations of 1, 10, and 250 manats, entered circulation at this time.

The transition to the manat was not without challenges. During its early years, the currency faced severe pressure due to economic turmoil, with its exchange rate falling from 118 manats per US dollar in 1994 to 4,182 manats per dollar in 1995.

In an effort to stabilize the economy and address inflation, a major monetary reform was implemented in 2006. On February 7 of that year, President Ilham Aliyev signed a decree on the redenomination of the currency, which took effect on January 1, 2006. Under this reform, 1 new manat replaced 5,000 old manats.