The Azerbaijani manat is the national currency in the small republic of Azerbaijan on the Caspian Sea. The official ISO code is AZN International, the abbreviation AM or the Azerbaijani manat symbol is used.
History of the currency of Azerbaijan
After independence from the Soviet Union, the country adopted the ruble. Following a parliamentary decision, the manat was introduced as the national currency alongside the ruble in 1992, before being the only currency on the books in 1994.
A chaotic economic structure caused economic power to collapse. The result was inflation with serious consequences. The banknotes lost their value. A pronounced currency depreciation made the republic clearly to create.
After the inflation rate had risen immeasurably, the government decided to abolish the previously operating manat. The new manat was created to change the unstable situation.
For about five thousand old manats, citizens received a new manat in 2006. It is now the only public tender in Azerbaijan. Old coins can still be exchanged at banks today.
After the introduction, the government turned all the screws that could prevent a new inflation, but in 2008 the Azerbaijani statistical office and the international monetary fund again estimated the inflation rate at 22.4 percent.
Nowadays local politics has largely got the problem under control, so the rate is significantly lower. As a result of the oil boom, Azerbaijan experienced a unique economic boom in this decade. With the boom, the financial crisis was kept in check for the first time.
In order to take action against counterfeiters, the currency designer decided to witness the production system for euro banknotes. With several watermarks and a special paper, the forgeries could already be halved.
Exchange into the Azerbaijani currency
Travelers to Azerbaijan should closely monitor the exchange rate of the country. It is advisable to exchange the euro for Manat at the departure airport. Changing money at Baku International Airport or in one of the numerous exchange offices can be very expensive.
Of course, the rates fluctuate, but for 1.00 € you get an average of 1.02 AM. It should be noted that living in the capital is sometimes over seventy percent more expensive than in the surrounding countryside.
It is also advisable to withdraw money in local currency by credit card at a major international bank.