Azerbaijani monetary unit refers to the official currency of Azerbaijan, which is the manat (symbol: ₼). The Azerbaijani manat, often simply referred to as manat, is the legal tender used in the country.
The manat is subdivided into 100 qəpik. Initially, the Azerbaijani manat was introduced in 1992 following the collapse of the Soviet Union, replacing the Soviet ruble. However, due to hyperinflation, a new manat was introduced in 2006, known as the "new Azerbaijani manat" (or simply, new manat), at a ratio of 5,000 old manat to 1 new manat. This restructuring aimed to stabilize the economy and control inflation.
The Azerbaijani monetary unit, the manat, is regulated and issued by the Central Bank of Azerbaijan (CBA), which acts as the country's central monetary authority. The CBA holds the responsibility of maintaining price stability by implementing various monetary policies and controlling the money supply in circulation.
The Azerbaijani manat is widely used for daily transactions, both in physical cash and as a digital form of payment. It is accepted by businesses and institutions throughout Azerbaijan. Additionally, it is traded in foreign exchange markets, enabling international currency exchange and facilitating transactions with other countries.
Overall, Azerbaijani monetary unit refers to the national currency of Azerbaijan, the manat, which is regulated by the central bank and utilized for financial transactions within the country's economy.
