Azerbaijani Manat

Overview

Economy

• Azerbaijan is a member of CIS, GUAM, OIC, Council of Europe, Eastern Partnership.
• Main industries include: Oil and gas, Petrochemicals, Steel, Iron ore, Cement, Chemicals, Textiles.
• Azerbaijan is part of the World Trade Organization.
• Imports are machinery, oil products, foodstuffs, metals, transportation equipment.
• Major exports include oil and gas, cotton, machinery, foodstuffs.
• GDP: $54.6 billion (2023 est.).
• GDP per capita: $5,406 (2023 est.).
• Unemployment rate: 5.6% (2023 est.).
• Inflation rate: 8.8% (2023 est.).
• Main trading partners: Italy, Turkey, Israel, India, Greece, Germany.
• Trade agreements: CIS agreements, EU partnership agreements, Various bilateral agreements.

History

• Previous currencies used: Soviet ruble, Russian ruble (briefly), Old Azerbaijani manat.
• The current manat was introduced in 2006, replacing the old manat at a rate of 5000:1. The original manat was introduced in 1992 after independence from the Soviet Union.
• 1992: First manat introduced, replacing Soviet ruble
• 1994: Currency stabilization program
• 2006: New manat introduced (5000:1 redenomination)
• 2015-2016: Significant devaluations due to oil price collapse
• 2017: Introduction of inflation targeting framework
• Exchange rate peg: Managed float with heavy intervention.

General Information

• ISO 4217 Code: AZN
• Symbols: AZN/₼
• Currency Subunits: 100 qəpik
• Central Bank: Central Bank of Azerbaijan
• Monetary Policy: Inflation targeting with managed exchange rate flexibility. Focus on price stability while managing oil revenue volatility.
• Bills: 1 manat, 5 manat, 10 manat, 20 manat, 50 manat, 100 manat, 200 manat
• Coins: 1 qəpik, 3 qəpik, 5 qəpik, 10 qəpik, 20 qəpik, 50 qəpik
• USD Exchange Rate: Variable (approximately 1.70 AZN per USD)
• Pegged To: None (Floating)
• Capital: Baku
• Population: 10,358,074 (2023 est.)
• Area: 86,600 km²
• Languages: Azerbaijani (official), Russian, Armenian
• Time Zones: UTC+4 (Azerbaijan Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: August 30, 1991 (from Soviet Union)
• Ethnic Groups: Azerbaijani 91.6%, Lezghin 2%, Russian 1.3%, Armenian 1.3%, Talysh 1.3%, Other 2.4%
• Religions: Muslim 96.9% (Shia 85%, Sunni 15%), Christian 3%, Other 0.1%
• Literacy Rate: 99.8% (2018 est.)
• Transport: Baku International Airport, Caspian Sea ports, road networks, limited rail system
• Communications: Good telecommunications coverage, 84% internet penetration, 4G networks
• Energy: Oil and natural gas dominant, growing renewable energy sector
• Countries Using This Currency: Azerbaijan
• Data Sources: Central Bank: Central Bank of Azerbaijan (cbar.az), Economic Data: State Statistical Committee of Azerbaijan, World Bank, IMF, Trade Data: Azerbaijan State Customs Committee, Demographic Data: State Statistical Committee of Azerbaijan, Geographic Data: Azerbaijan National Academy of Sciences, Historical Data: Central Bank of Azerbaijan archives
• Last Updated: 2025