The Azerbaijani manat (AZN) is the official currency of Azerbaijan, a country located in the South Caucasus region of Eurasia.
The manat was introduced in 1992 after Azerbaijan gained independence from the Soviet Union, replacing the Soviet ruble as the country’s official currency.
The Azerbaijani manat is subdivided into 100 qəpik and is symbolized by the “₼” sign.
The exchange rate of the manat is determined by the Central Bank of Azerbaijan, which regularly intervenes in the foreign exchange market to manage the value of the currency.
Since the introduction of the manat, Azerbaijan has undergone several monetary reforms aimed at stabilizing the currency and reducing inflation.
In 2006, a new series of manat banknotes and coins were introduced, replacing the previous series.
Today, the Azerbaijani economy is largely driven by the oil and gas industry, and fluctuations in the price of oil can impact the value of the manat.
Additionally, political instability and geopolitical tensions in the region can also affect the currency’s value.