The Azerbaijani Manat is the official currency of Azerbaijan. One Manat is made up of 100 Qəpiks. Coins are available as 1, 3, 5, 10, 20 and 50 Qəpiks and banknotes are in 1, 5, 10, 20, 50 and 100 Manats. The banknotes take on a modern style that aims to depict the independence of Azerbaijan, its development and its European integration.
The word "manat" comes from the Russian for coin "moneta" pronounced "maneta." Prices in Azerbaijan are often shown in old and new Manat to help with the change of currency. Due to the economic depression of 1921, a banknote of 10 billion Manat was issued in 1923-1924. This is the only time in the history of cash circulation that this has happened.
Three different Manat currencies have been issued over time. The first Manat was introduced in 1919 and used by the Azerbaijan Democratic Republic and the Azerbaijani Soviet Socialist Republic. It was called Manat in Azeri and Ruble in Russian and both languages were used on the banknotes. No coins were issued. The second Manat (AZM) was established in 1992 to replace the Soviet Ruble and the third Manat was introduced in 2006. The third Manat is still used today and was originally valued at one Manat equal to 5,000 old Manat. Qəpik coins had been discontinued in 1993 due to high inflation but were re-established with the new currency.
- qəpik (100)
- 1 January 2006
- Central Bank of Azerbaijan