Today marks 31 years since the Azerbaijani manat was put into circulation. The development of the national currency began under former President Ayaz Mutalibov, and its introduction into circulation took place under Abulfaz Elchibey on 15 August 1992. The author of the first sketches of the manat was Eldar Mikailzadeh. In August 1992, monetary units of 1, 10 and 250 manats were put into circulation; in November-5, 10, 20 and 50 gyapiks; in December-5 manats; in March 1993-50, 100, 500 and 1,000 manats; in 1994-10,000 manats; in 1996-50,000 manats. Since 1 January 2006, new generation of money began to be settled in Azerbaijan. At that, 1 new manat is equal to 5,000 old ones, coins of 1, 5, 10, 20, 50 and 100 manats, 1, 3, 5, 10, 20 and 50 gyapik were put into circulation. In 2018, a monetary unit of 200 manats was presented to the country’s population. In spite of the fact that the Azerbaijani manat lost its value sharply for the first time, since 1994 its exchange rate stabilised and the price of the dollar fluctuated within 4-5 thousand manats (with new money around 1 manat). And in 2015, the Central Bank of Azerbaijan, in view of the sharp cheapening of oil at the world market, in order to preserve foreign exchange reserves, sharply cheapened the manat. In the country, 1 dollar was first equated to 1.05 manat, and then to 1.55 manat. Since 2018, the exchange rate of the US currency has stabilised at 1.7 manat
Source: Turan News Agency