1 Dollar Manat: What You Need to Know About Azerbaijan's Currency
If you are planning to travel to Azerbaijan, or do business with this country, you might be wondering what is 1 dollar manat and how to convert it to your own currency. In this article, we will explain everything you need to know about Azerbaijan's currency, including its history, features, and exchange rate. We will also show you how to use a currency converter to check the latest foreign exchange rates and save money on your transactions.
Introduction
The manat (ISO code: AZN; sign: ; abbreviation: m) is the currency of Azerbaijan, a country located in the South Caucasus region of Eurasia. It is subdivided into 100 gapiks. The name "manat" is derived from the Persian word "munāt" and the Russian word "монета" ("moneta") meaning "coin".
1dollar manat
The manat is an important indicator of Azerbaijan's economic performance and stability. It is also a medium of exchange for goods and services in the country. Therefore, knowing the value of the manat and how to convert it to other currencies is essential for travelers and traders who want to visit or do business with Azerbaijan.
One of the easiest ways to check the value of the manat is to use a currency converter. A currency converter is a tool that allows you to convert any amount of money from one currency to another, using live or historical exchange rates. You can use a currency converter online, on your phone, or on your computer. For example, you can use [Xe Currency Converter](^9^) to check how much 1 dollar manat is worth in US dollars, euros, or any other currency.
History of the Azerbaijani Manat
The history of the Azerbaijani manat can be divided into three periods:
The first manat (1919-1923)
The first manat was introduced by the Azerbaijan Democratic Republic and its successor, the Azerbaijani Soviet Socialist Republic, between 1919 and 1923. The currency was called the manat in Azerbaijani and the ruble in Russian, with the denominations written in both languages (and sometimes also in French) on the banknotes. The first manat replaced the first Transcaucasian ruble at par and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic. No subdivisions were issued, and the currency only existed as banknotes.
The second manat (1992-2006)
The second manat was introduced on 15 August 1992, after Azerbaijan gained independence from the Soviet Union. [^2^ - The second manat replaced the Soviet ruble at a rate of 10 rubles = 1 manat. The currency was initially pegged to the US dollar at a rate of 1 USD = 0.75 manat, but later floated freely. The second manat suffered from high inflation and depreciation, reaching a low of 1 USD = 4,800 manat in 1995. The currency was stabilized by the introduction of a currency board system in 1996, which fixed the exchange rate at 1 USD = 4,400 manat. The second manat had subdivisions of 100 gopiks, and existed as both banknotes and coins. The current manat (2006-present)
The current manat was introduced on 1 January 2006, replacing the second manat at a rate of 5,000 second manat = 1 new manat. The currency was revalued to reduce inflation and simplify transactions. The current manat is pegged to the US dollar at a rate of 1 USD = 1.7 manat, with a fluctuation band of 2%. The current manat has subdivisions of 100 gapiks, and exists as both banknotes and coins.
Features of the Azerbaijani Manat
The Azerbaijani manat has several features that distinguish it from other currencies. Here are some of them:
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The symbol, code, and subunit of the manat
The symbol of the manat is , which resembles a Latin letter M with two horizontal strokes. The symbol was designed by Azerbaijani artist Eldar Hasanov and was approved by the Central Bank of Azerbaijan in 2006. The ISO code of the manat is AZN, which stands for Azerbaijan New Manat. The subunit of the manat is the gapik, which means "small" in Azerbaijani.
The banknotes and coins in circulation
The banknotes of the current manat are issued in denominations of 1, 5, 10, 20, 50, and 100 manats. They feature portraits of prominent Azerbaijani figures on the obverse and landmarks or cultural symbols on the reverse. The banknotes are printed on cotton paper and have various security features such as watermarks, holograms, microprinting, and security threads.
The coins of the current manat are issued in denominations of 1, 3, 5, 10, 20, and 50 gapiks, and 1 manat. They feature the national emblem of Azerbaijan on the obverse and various motifs related to Azerbaijan's history, culture, or nature on the reverse. The coins are made of steel plated with copper (gapiks) or brass (manats).
The security features and design elements of the manat
The Azerbaijani manat has several security features and design elements that make it unique and difficult to counterfeit. Some of these are:
The use of Azerbaijani ornamental patterns and motifs on the banknotes and coins, reflecting the country's rich cultural heritage.
The use of Latin and Arabic scripts on the banknotes and coins, representing the linguistic diversity of Azerbaijan.
The use of different colors for different denominations of banknotes and coins, making them easy to distinguish.
The use of tactile marks on the banknotes for visually impaired people.
The use of latent images on the banknotes that change when viewed from different angles.
The use of see-through registers on the banknotes that match when held up to the light.
Exchange Rate of the Azerbaijani Manat
The exchange rate of the Azerbaijani manat is determined by the supply and demand of the currency in the foreign exchange market, as well as by the monetary policy of the Central Bank of Azerbaijan. The Central Bank of Azerbaijan maintains a managed floating exchange rate regime, which means that it intervenes in the market to keep the manat within a certain range against the US dollar. The Central Bank of Azerbaijan also sets the official exchange rate of the manat against other currencies on a daily basis.
The value of the manat is influenced by various factors, such as the price of oil and gas (Azerbaijan's main exports), the balance of payments, the inflation rate, the interest rate, the political stability, and the market sentiment. The manat has experienced periods of appreciation and depreciation against other currencies, depending on these factors. For example, the manat appreciated significantly against the US dollar between 2009 and 2014, reaching a high of 1 USD = 0.78 manat in July 2014, due to high oil prices and economic growth. However, the manat depreciated sharply against the US dollar between 2015 and 2016, reaching a low of 1 USD = 1.92 manat in February 2016, due to low oil prices and economic slowdown.
The current exchange rate of the manat against major currencies as of June 19, 2023 is as follows:
Currency
Code
Exchange Rate
US Dollar
USD
1 USD = 1.7 AZN
Euro
EUR
1 EUR = 2.04 AZN
Pound Sterling
GBP
1 GBP = 2.39 AZN
Russian Ruble
RUB
100 RUB = 2.34 AZN
Turkish Lira
TRY
1 TRY = 0.20 AZN
Chinese Yuan
CNY
10 CNY = 2.65 AZN
Indian Rupee
INR
100 INR = 2.32 AZN
The exchange rate of the manat can change at any time, depending on the market conditions and the Central Bank of Azerbaijan's interventions. Therefore, it is advisable to use a currency converter to check the latest rates before making any transactions involving the manat. You can also compare the rates offered by different banks, exchange bureaus, or online platforms to find the best deal for your money.
Conclusion
In this article, we have learned about 1 dollar manat and how to convert it to other currencies. We have also learned about the history, features, and exchange rate of the Azerbaijani manat. We hope that this article has helped you understand more about Azerbaijan's currency and how to use it effectively.
If you are interested in visiting or doing business with Azerbaijan, you should always check the latest exchange rate of the manat using a currency converter. You can also use a currency converter to compare the rates offered by different providers and save money on your transactions. To use a currency converter, you can visit [Xe Currency Converter] or download their app on your phone.
FAQs
What is the best way to exchange money in Azerbaijan?
The best way to exchange money in Azerbaijan depends on your preferences and needs. Some of the options are:
Using your debit or credit card at ATMs or POS terminals. This is convenient and secure, but you may incur fees from your bank or card issuer, as well as from the local provider. You should also check if your card is compatible with the local network and inform your bank of your travel plans.
Using an online platform or app that allows you to transfer money to a local bank account or mobile wallet. This is fast and cheap, but you may need to register and verify your identity, as well as have access to the internet and a local phone number.
Using a bank or an exchange bureau that offers cash or traveler's checks. This is easy and reliable, but you may get a lower exchange rate and pay a commission fee. You should also check the opening hours and locations of the providers and carry your passport or ID.
What are some tips for using the manat in Azerbaijan?
Some tips for using the manat in Azerbaijan are:
Carry some cash in small denominations for small purchases or tips. You can also use coins as souvenirs or gifts.
Check the exchange rate and the amount of money you receive before making any transactions. You can use a currency converter or a calculator to help you.
Avoid exchanging money on the street or with unofficial dealers. You may get counterfeit or outdated notes, or be scammed.
Keep your receipts and records of your transactions for future reference or dispute resolution.
Be respectful and polite when handling money. Do not fold, tear, or write on the banknotes, as this may be considered offensive or illegal.
What are some other currencies that are used in Azerbaijan?
Some other currencies that are used in Azerbaijan are:
The US dollar (USD), which is widely accepted and exchanged in Azerbaijan. It is also used as a reference currency for some prices and contracts.
The euro (EUR), which is also accepted and exchanged in some places in Azerbaijan. It is also used as a reference currency for some international transactions and investments.
The Russian ruble (RUB), which is used in some regions of Azerbaijan that have close ties with Russia, such as Nakhchivan Autonomous Republic and Nagorno-Karabakh Republic.
How can I get historical currency data for the manat?
You can get historical currency data for the manat from various sources, such as:
The Central Bank of Azerbaijan, which publishes daily, monthly, and annual exchange rates of the manat against other currencies on its website . You can also download historical data in Excel format from its website .
The International Monetary Fund (IMF), which provides monthly average exchange rates of the manat against other currencies on its website . You can also download historical data in CSV format from its website .
The World Bank, which provides annual average exchange rates of the manat against other currencies on its website . You can also download historical data in Excel format from its website .
Where can I find more information about the manat?
You can find more information about the manat from various sources, such as:
The Central Bank of Azerbaijan, which provides official information and statistics about the manat, its history, features, and exchange rate on its website . You can also contact the Central Bank of Azerbaijan by phone, email, or mail for any inquiries or complaints.
The Ministry of Finance of Azerbaijan, which provides information and regulations about the manat, its issuance, circulation, and taxation on its website . You can also contact the Ministry of Finance of Azerbaijan by phone, email, or mail for any questions or suggestions.
The State Statistical Committee of Azerbaijan, which provides data and analysis about the manat, its value, inflation, and purchasing power on its website . You can also contact the State Statistical Committee of Azerbaijan by phone, email, or mail for any requests or feedback.
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