AZERBAIJANI MANAT Meaning and
Definition
-
The Azerbaijan manat is the official currency of the Republic of Azerbaijan. It is abbreviated as AZN and symbolized by the ₼ sign. The manat is subdivided into 100 qəpik.
Originally introduced in 1919, the Azerbaijan manat replaced the Russian ruble as the national currency. However, the currency faced several changes throughout history due to political developments and economic fluctuations. In 1992, a new manat was introduced due to the collapse of the Soviet Union and subsequent economic reforms.
The Azerbaijan manat exists in both paper and coin denominations. Banknotes are available in denominations of 1, 5, 10, 20, 50, and 100 manats, while coins are issued in values of 1, 3, 5, 10, 20, and 50 qəpik.
As a freely convertible currency, the Azerbaijan manat is widely used for financial transactions within the country. It is also recognized and accepted in some neighboring regions, such as Nagorno-Karabakh and Nakhchivan.
The value of the Azerbaijani manat fluctuates against other major currencies, with its exchange rate determined by market forces. The Central Bank of Azerbaijan plays a vital role in maintaining stability and managing economic policies related to the manat, by monitoring the currency markets and intervening when necessary.
Overall, the Azerbaijan manat serves as an important instrument for trade and commerce, as well as a symbol of national identity for the Azerbaijani people.
Etymology of AZERBAIJANI MANAT
The word "manat" is of Turkic origin and is derived from the old Turkic word "manat" or "manatka". This term originally referred to a unit of weight used by Turkic-speaking peoples in Central Asia. Over time, the concept of manat evolved to represent a unit of currency.
In the case of the Azerbaijani manat, it specifically refers to the currency of Azerbaijan. The name "Azerbaijani" is derived from the Turkic word "Azer" meaning "fire" and the Persian word "baijan" meaning "protector" or "guardian". Thus, "Azerbaijani" roughly translates to "protector of fire" and reflects the region's historical association with fire worship.
The Azerbaijani manat was introduced as the country's national currency in 1992, replacing the Soviet ruble.
