Azerbaijan New Manat

Overview

The New Manat is the currency used in Azerbaijan. There were three Manat currencies issued. The 3rd issue replaced the previous Manat in 2006, with the the new Manat = 5 000 old Manat. There are similarities between the Euro and Manat banknotes; both were designed by Robert Kalina of Austria.

Economy

• The main economic base of Azerbaijan is oil.
• The Azerbaijan GDP grew by 41.7 in 2007 and was rated as the fastest-growing economy in the world.
• Agriculture forms 6% of the economy, services 32 %, and industry the remainder.
• The top industries are petroleum and petroleum products, cement, textiles, ore, iron, natural gas, cotton, and foodstuffs.
• There is a restriction on non-citizens; they are not allowed to export the national currency outside of Azerbaijan.
• The country has a low unemployment rate of 0.9%.
• The main export is oil. Caspian oil is transported via pipeline to various Mediterranean countries.

History

• The first Manat was issued 1919 and was in circulation until 1923. After Azerbaijan became part of the Soviet Socialist Republic, the Manat was known in Russia as the Ruble. Both languages were printed on the bank notes, as well as French. There were no coins or small denominations.
• The Russian Ruble was replaced by the second Azerbaijan Manat in 1992.
• The new Azerbaijan Manat introduced in 2006 is currently the national currency. Qəpik coins that went out of circulation between 1993 to 2006 were reintroduced.
• At the end of 2006 the old Manat was taken out of circulation.