Azerbaijani Manat


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Azerbaijani Manat

The currency of Azerbaijan. It was introduced in 1992, replacing the Soviet ruble at a ratio of 10 rubles to one manat. It is a floating currency. Its value has increased rather steadily since 2005 as a result of increased petrodollars in Azerbaijan. Interestingly, the Soviet ruble was called the manat in Azerbaijan even before the fall of the Soviet Union.
References in periodicals archive ?
The same material is also used for printing the euro, which makes the Azerbaijani manat similar to the European currency not only in design.
The proposal is to cover the difference arising in the result of banks' recalculation of payments on foreign currency loans in accordance with the new rate of Azerbaijani manat at the expense of funds of the Central Bank of Azerbaijan, Nuriyev said.
Some analytical reviews show that less developed CIS countries have more stable exchange rates of their national currencies.According to the Russian central bank, Azerbaijani manat is the most stable currency among in the CIS region.
Below are the rates of Azerbaijani manat against world currencies, according to the data from the Central Bank of Azerbaijan for Aug.
Iran has so far invested 24 million Azerbaijani manat (1 manat: 0.59 US dollars) in the car factory.
The Black Sea Trade and Development Bank (BSB) issuedthe firsttranche of Azerbaijani manat bonds on August 1, which was directed to the development of entrepreneurship in the country.
"If it is possible, we will continue to issue bonds in Azerbaijani manats."
BSB is the first international financial institution to issue bonds in Azerbaijani manats. Lending in national currencies appeared after the crisis of 2007-2008, when the monetary units of emerging markets fell sharply.
Since the inception of the local currency lending program in the early 2000s, IFC has extended more than $16 billion in financing to its clients globally, in more than 50 currencies including the Chinese renminbi, Brazilian real, South African rand, Turkish lira, Kazakh tenge, Tajik somoni, Armenian dram, Azerbaijani manat, Georgian lari, and Russian ruble.
Official exchange rate of the Azerbaijani manat against the US dollar set by the Central Bank of Azerbaijan (CBA) remained unchanged last week,Trendreports.
Since the inception of the local currency lending program in the early 2000s, IFC has extended more than $19.6 billion in cumulative local currency financing to its clients globally, in more than 50 currencies including the Chinese renminbi, Brazilian real, South African rand, Turkish lira, Kazakh tenge, Tajik somoni, Armenian dram, Azerbaijani manat, Georgian lari, and Russian ruble.

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