AZN - Azerbaijani Manat

The Central Bank of the Republic of Azerbaijan (CBAR), headquartered in Baku, serves as the country's monetary authority. Originally called the Azerbaijan National Bank when established in 1992, it was renamed in 2009 to reflect its expanded regulatory role. The CBAR issues banknotes, manages foreign exchange reserves built from oil revenues, and supervises the banking sector. When sending money to Azerbaijan, transfers convert at rates closely tracking the official peg, with the Manat's stability backed by petroleum exports and the State Oil Fund.

The modern Manat emerged on January 1, 2006, when Azerbaijan redenominated its currency at 5,000 old Manats (AZM) per 1 new Manat (AZN). The previous Manat had replaced the Soviet ruble in 1992 following independence, but hyperinflation through the 1990s eroded its value — 50,000 Manat notes became commonplace by 1996. The redenomination stripped four zeros from prices and restored monetary credibility. Robert Kalina, the Austrian designer who created the Euro banknotes, designed the new AZN notes, giving them a distinctly European aesthetic. A 200 Manat note added in 2018 commemorated national leader Heydar Aliyev's 95th birthday.

Azerbaijan's banknotes celebrate the theme