Planning a trip to Azerbaijan or want to send money to loved ones there? It’s essential to familiarize yourself with the Azerbaijani manat (AZN), the country’s official currency. Whether you’re budgeting for expenses or simply understanding how currency exchange works, knowing the basics of the manat can help you avoid confusion and save money.
This guide provides everything you need to know about the Azerbaijani manat, from its history and current value to practical tips on exchanging and using it.
What is the Azerbaijani Manat?
The Azerbaijani manat, abbreviated as AZN, has been the official currency of Azerbaijan since its independence from the Soviet Union in 1991. The name “manat” originates from the Russian word “moneta,” meaning coin. While other countries, such as Turkmenistan, also use the name manat for their currency, Azerbaijan’s manat stands out for its unique design and stability in the region.
Key Facts:
- Symbol: ₼
- ISO Code: AZN
- Subdivision: 1 manat = 100 qəpik (similar to cents)
- Banknotes & Coins:
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- Banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, and 200 manat.
- Coins (qəpik) come in denominations of 1, 3, 5, 10, 20, and 50 qəpik.
The manat’s design incorporates cultural and historical elements, showcasing Azerbaijan’s rich heritage. For example, the banknotes feature symbols representing national pride, such as the Gobustan rock carvings and Azerbaijani carpets.
A Stable Regional Currency
The Azerbaijani government has worked to ensure the manat’s stability despite fluctuations in global oil prices. While the currency underwent devaluations in 2015 due to market changes in the oil industry, the manat has remained relatively stable in recent years thanks to fiscal policies and economic reforms aimed at strengthening the economy.
Understanding the Azerbaijani Economy and the Manat’s Value
Azerbaijan’s economy plays a significant role in influencing the value of its currency. It is heavily dependent on the energy sector, particularly oil and gas exports, which account for a significant portion of its GDP. These factors contribute to the manat’s strength and its fluctuations in value.
Current Exchange Rates
The value of the Azerbaijani manat changes based on global currency markets. For real-time exchange rates, it’s always a good idea to check reliable sources like banks, online currency converters, or international remittance platforms such as Remitly.
For instance, as of this writing:
- 1 Azerbaijani manat = approximately 0.59 USD
- 1 Azerbaijani manat = approximately 0.55 EUR
(Note that rates can vary depending on the provider and fees.)
Practical Tips for Using the Azerbaijani Manat
Whether you’re visiting Azerbaijan or sending money to someone there, it’s important to handle the manat efficiently. Here’s how:
1. Exchanging Currency
When exchanging money, look for banks, currency exchange bureaus, or international remittance services offering favorable rates. Avoid exchanging money at airports or hotels, as they often have higher fees or less competitive rates.
2. Using Credit and Debit Cards
Major cities like Baku generally accept international credit and debit cards. However, smaller towns and rural areas may rely more heavily on cash transactions. Always carry some cash in manat for small purchases or emergencies.
3. ATM Access
ATMs are widely available in Azerbaijan’s urban centers. When withdrawing money, choose the “manat” currency option to minimize conversion fees. Your home bank may charge an international withdrawal fee, so be aware of your bank’s policies.
4. Sending Money to Azerbaijan
If you’re sending money to family or friends in Azerbaijan, opt for reliable international payment platforms. Services like Remitly allow you to send funds in manat securely, offering competitive exchange rates and low fees.
5. Budgeting for Travel in Azerbaijan
For travelers, knowing the local costs can help you budget wisely. For instance:
- A meal at a mid-range restaurant in Baku might cost around 15-20 AZN.
- Public transportation, such as the metro, costs as little as 0.30 AZN per ride.
Having sufficient manat on hand ensures smooth transactions without unnecessary delays.
Why the Azerbaijani Manat Matters
Understanding the Azerbaijani manat is more than just knowing its exchange rate. It’s about appreciating the currency’s role in Azerbaijan’s economic development and daily life. The manat represents not only the strength of a nation’s economy but also its culture and history.
For individuals sending money to Azerbaijan, the manat is an essential link between financial support and loved ones back home. Platforms like Remitly make this process seamless, offering a safe way to transfer money internationally with clarity and ease.