Azerbaijan Manat (AZN)
Tue, Apr 15The Azerbaijani manat (AZN) serves as the official currency of Azerbaijan, a nation situated in the South Caucasus area of Eurasia. The manat was established in 1992 following Azerbaijan's independence from the Soviet Union, taking the place of the Soviet ruble as the country's official currency.
The Azerbaijani manat is divided into 100 qəpik and is represented by the “₼” symbol. The Central Bank of Azerbaijan determines the exchange rate of the manat and frequently intervenes in the foreign exchange market to regulate the currency's value.
Since the manat's introduction, Azerbaijan has implemented several monetary reforms aimed at stabilizing the currency and curbing inflation. In 2006, a new series of manat banknotes and coins was launched, replacing the earlier series.
Currently, the Azerbaijani economy is primarily driven by the oil and gas sector, and variations in oil prices can influence the manat's value. Furthermore, political instability and geopolitical tensions in the region can also impact the currency's worth.
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