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Wednesday, November 21, 2018

AG BANK: AGBank congratulates the people of Azerbaijan with the state attribute on the 26th anniversary of manat!

AG Bank issued the following announcement on Aug. 15.

Today 26 years have passed since the national currency of the Republic of Azerbaijan - manat. The first independent state currency of the Democratic Republic of Azerbaijan, the first democratic state in the East, was released in 1919 as banknotes of 25, 50, 100 and 250 manat. Independent Republic of Azerbaijan's manat was circulated on August 15, 1992, the author of the first sketches was Eldar Mikayilzadeh. In accordance with the Decree of the President of the Republic of Azerbaijan dated July 15, 1992 "On the circulation of the national currency of the Republic of Azerbaijan", the banknotes of 1, 10 and 250 AZN were issued into circulation. Then, the banknotes of 5, 10, 20 and 50 kopecks and 5 manats, and in March 1993 - 50, 100, 500 and 1000 manats were put into operation.

The only means of payment for the manat in the country was developed by the State Commission, chaired by national leader Heydar Aliyev, and was approved by the Constitutional Act adopted on November 12, 1995, by referendum. On February 7, 2005, the President of the Republic of Azerbaijan signed the Decree "On denomination of nominal value and price scale of money in the Republic of Azerbaijan - denomination". New generation of Azerbaijani banknotes and coins' designs were developed on the basis of a single concept, and the design of new money was defined as "Independent Azerbaijan". In the expression of ideas, modern graphic methodology is taken as a basis and reflects Azerbaijan's independence, development and integration into Europe. Although the historical monuments were carved on the previous currencies, new currency units were decorated with ornaments reflecting more historical and architectural as well as art examples. The new manat for circulation consists of 1, 5, 10, 20, 50, 100 denomination and 1, 3, 5, 10, 20, 50 metal coins. In May 2018, under the Central Bank's decision, it was added to the banknotes denominated in 200 equivalents.

Today, on August 15, 2018, the manat, marking its 26th birthday, is a stable currency among the world's currencies.

Original source can be found here.

Source: AG Bank

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