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1 Dollar Manat: How to Compare Different Exchange Rates and Providers


1 Dollar Manat: What You Need to Know About Azerbaijan's Currency




If you are planning to travel to Azerbaijan, or do business with this country, you might be wondering what is 1 dollar manat and how to convert it to your own currency. In this article, we will explain everything you need to know about Azerbaijan's currency, including its history, features, and exchange rate. We will also show you how to use a currency converter to check the latest foreign exchange rates and save money on your transactions.


Introduction




The manat (ISO code: AZN; sign: ; abbreviation: m) is the currency of Azerbaijan, a country located in the South Caucasus region of Eurasia. It is subdivided into 100 gapiks. The name "manat" is derived from the Persian word "munāt" and the Russian word "монета" ("moneta") meaning "coin".




1dollar manat


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The manat is an important indicator of Azerbaijan's economic performance and stability. It is also a medium of exchange for goods and services in the country. Therefore, knowing the value of the manat and how to convert it to other currencies is essential for travelers and traders who want to visit or do business with Azerbaijan.


One of the easiest ways to check the value of the manat is to use a currency converter. A currency converter is a tool that allows you to convert any amount of money from one currency to another, using live or historical exchange rates. You can use a currency converter online, on your phone, or on your computer. For example, you can use [Xe Currency Converter](^9^) to check how much 1 dollar manat is worth in US dollars, euros, or any other currency.


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History of the Azerbaijani Manat




The history of the Azerbaijani manat can be divided into three periods:


The first manat (1919-1923)




The first manat was introduced by the Azerbaijan Democratic Republic and its successor, the Azerbaijani Soviet Socialist Republic, between 1919 and 1923. The currency was called the manat in Azerbaijani and the ruble in Russian, with the denominations written in both languages (and sometimes also in French) on the banknotes. The first manat replaced the first Transcaucasian ruble at par and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic. No subdivisions were issued, and the currency only existed as banknotes.


The second manat (1992-2006)




The second manat was introduced on 15 August 1992, after Azerbaijan gained independence from the Soviet Union. [^2^ - The second manat replaced the Soviet ruble at a rate of 10 rubles = 1 manat. The currency was initially pegged to the US dollar at a rate of 1 USD = 0.75 manat, but later floated freely. The second manat suffered from high inflation and depreciation, reaching a low of 1 USD = 4,800 manat in 1995. The currency was stabilized by the introduction of a currency board system in 1996, which fixed the exchange rate at 1 USD = 4,400 manat. The second manat had subdivisions of 100 gopiks, and existed as both banknotes and coins. The current manat (2006-present)




The current manat was introduced on 1 January 2006, replacing the second manat at a rate of 5,000 second manat = 1 new manat. The currency was revalued to reduce inflation and simplify transactions. The current manat is pegged to the US dollar at a rate of 1 USD = 1.7 manat, with a fluctuation band of 2%. The current manat has subdivisions of 100 gapiks, and exists as both banknotes and coins.


Features of the Azerbaijani Manat




The Azerbaijani manat has several features that distinguish it from other currencies. Here are some of them:


The symbol, code, and subunit of the manat




The symbol of the manat is , which resembles a Latin letter M with two horizontal strokes. The symbol was designed by Azerbaijani artist Eldar Hasanov and was approved by the Central Bank of Azerbaijan in 2006. The ISO code of the manat is AZN, which stands for Azerbaijan New Manat. The subunit of the manat is the gapik, which means "small" in Azerbaijani.


The banknotes and coins in circulation




The banknotes of the current manat are issued in denominations of 1, 5, 10, 20, 50, and 100 manats. They feature portraits of prominent Azerbaijani figures on the obverse and landmarks or cultural symbols on the reverse. The banknotes are printed on cotton paper and have various security features such as watermarks, holograms, microprinting, and security threads.


The coins of the current manat are issued in denominations of 1, 3, 5, 10, 20, and 50 gapiks, and 1 manat. They feature the national emblem of Azerbaijan on the obverse and various motifs related to Azerbaijan's history, culture, or nature on the reverse. The coins are made of steel plated with copper (gapiks) or brass (manats).


The security features and design elements of the manat




The Azerbaijani manat has several security features and design elements that make it unique and difficult to counterfeit. Some of these are:


  • The use of Azerbaijani ornamental patterns and motifs on the banknotes and coins, reflecting the country's rich cultural heritage.



  • The use of Latin and Arabic scripts on the banknotes and coins, representing the linguistic diversity of Azerbaijan.



  • The use of different colors for different denominations of banknotes and coins, making them easy to distinguish.



  • The use of tactile marks on the banknotes for visually impaired people.



  • The use of latent images on the banknotes that change when viewed from different angles.



  • The use of see-through registers on the banknotes that match when held up to the light.



Exchange Rate of the Azerbaijani Manat




The exchange rate of the Azerbaijani manat is determined by the supply and demand of the currency in the foreign exchange market, as well as by the monetary policy of the Central Bank of Azerbaijan. The Central Bank of Azerbaijan maintains a managed floating exchange rate regime, which means that it intervenes in the market to keep the manat within a certain range against the US dollar. The Central Bank of Azerbaijan also sets the official exchange rate of the manat against other currencies on a daily basis.


The value of the manat is influenced by various factors, such as the price of oil and gas (Azerbaijan's main exports), the balance of payments, the inflation rate, the interest rate, the political stability, and the market sentiment. The manat has experienced periods of appreciation and depreciation against other currencies, depending on these factors. For example, the manat appreciated significantly against the US dollar between 2009 and 2014, reaching a high of 1 USD = 0.78 manat in July 2014, due to high oil prices and economic growth. However, the manat depreciated sharply against the US dollar between 2015 and 2016, reaching a low of 1 USD = 1.92 manat in February 2016, due to low oil prices and economic slowdown.


The current exchange rate of the manat against major currencies as of June 19, 2023 is as follows:


Currency


Code


Exchange Rate


US Dollar


USD


1 USD = 1.7 AZN


Euro


EUR


1 EUR = 2.04 AZN


Pound Sterling


GBP


1 GBP = 2.39 AZN


Russian Ruble


RUB


100 RUB = 2.34 AZN


Turkish Lira


TRY


1 TRY = 0.20 AZN


Chinese Yuan


CNY


10 CNY = 2.65 AZN


Indian Rupee


INR


100 INR = 2.32 AZN



The exchange rate of the manat can change at any time, depending on the market conditions and the Central Bank of Azerbaijan's interventions. Therefore, it is advisable to use a currency converter to check the latest rates before making any transactions involving the manat. You can also compare the rates offered by different banks, exchange bureaus, or online platforms to find the best deal for your money.


Conclusion




In this article, we have learned about 1 dollar manat and how to convert it to other currencies. We have also learned about the history, features, and exchange rate of the Azerbaijani manat. We hope that this article has helped you understand more about Azerbaijan's curren


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