Baku / 15.08.17 / Turan: Today marks the 25th anniversary of the launch of the national currency of Azerbaijan - manat (AZN) into circulation.
After the restoration of independence, on July 15, 1992, the then President of the country, Abulfaz Elchibey, signed a decree "On launching the national currency - manat" into circulation. On August 15, 1992, monetary denominations of 1, 10 and 250 manat were introduced into circulation, in November - coins worth 5, 10, 20 and 50 gapiks, and in December - 5 manats.
Since March 1993, bills of denomination of 50, 100, 500 and 1,000 manat were in circulation.
The author of the sketches of the first Azerbaijani manats was the famous artist Eldar Mikailzadeh. The money was made in the Central Bank of France.
From August 1992 to January 1994, the manat rate in relation to the Russian ruble was 1 to 10.
After Heydar Aliyev came to power, by his decree of December 11, 1993, the manat was declared the only means of payment on the territory of the country and Azerbaijan withdrew from the ruble zone.
If in January 1994 the dollar rate was 118 manats, then a year later it became 4,182 manats.
On February 7, 2005, President Ilham Aliyev signed a decree on the denomination of the manat. Five thousand old manat were equated to one new manat and new bills were introduced from January 1, 2006.
Before the devaluation of February 2015, the manat remained one of the most stable strong currencies in the region.
However, in 2015 the manat was twice devalued and depreciated more than 2 times.
Due to the fall in oil prices and the reduction in the flow of currency to the country, the Central Bank was unable to support the new exchange rate of the manat and on December 21, 2015, it was announced that it was switching to a floating exchange rate.
To date, the rate of 1 dollar is - 1.7007 manats. -05 / 6D-
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