While Russia takes the top spot when it comes to money flowing in and out of Azerbaijan, a tidy sum enters the country from the United States as well. In 2016, around U.S. $13 million made its way from the United States to Azerbaijan as remittances. In 2017, bilateral trade of goods between both nations accounted for over U.S. $566 million.
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Use of the U.S. dollar as the official currency of the United States began in 1792. Since then, other regions have adopted it as their official currency too. These include the British Virgin Islands, two British Overseas Territories, the Caribbean, Turks and Caicos Islands, and Zimbabwe. Its use as unofficial currency can be seen in places such as Cambodia, Nepal, Myanmar, Belize, Haiti, Panama, and Costa Rica.
In April 2016, the global forex market turnover share of the U.S. dollar was 87.6%. It is the most heavily traded and most preferred reserve currency in the world. According to estimates, more than U.S. $5 trillion is traded through the forex market each day.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Azerbaijan Democratic Republic issued its own currency called the manat from 1919 to 1923. After Azerbaijan joined the Transcaucasian Soviet Federative Socialist Republic, the manat was replaced by the Transcaucasian ruble. The second manat (AZM) was adopted by Azerbaijan as its official currency in August 1992. It replaced the Soviet ruble at the rate of 1 manat = 10 rubles.
The country issued the third manat on 1 January 2006. Upon its introduction, it was valued at 500 old manats. Use of qəpik-denominated coins that had stopped since 1993 began again after re-denomination. The ISO code “AZM” remained in place until 31 December 2006.
|Currency symbol||or m|
|Banknotes||1, 5, 10, 20, 50, 100, 200 manat|
|Coins||1, 3, 5, 10, 20, 50 qapik|
U.S. Dollar / Azerbaijani Manat Historical Rates
Before February 2015, the exchange rate of the Azerbaijani manat was pegged to the U.S. dollar at the rate of U.S. $1 = AZN 0.78. The peg was revised to U.S. $1 = AZN 1.05 in February 2015, and this peg stated in place until December 2015.
In December 2015, the Central Bank of Azerbaijan decided to do away with the peg completely, making the manat a free floating currency. By January 2016, the Azerbaijani manat was trading at over AZN 1.60 against the U.S. dollar. Its value dropped to below AZN 1.5 against the U.S. dollar by May 2016, only to start rising again. In January 2017, the manat traded at an all time high of around AZN 1.95 against the U.S. dollar.
In May 2017, the value of the Azerbaijani manat was pegged to the U.S. dollar again, at the rate of U.S. $1 = AZN 1.7002. Since then, its street value has hovered largely between AZN 1.68 and AZN 1.705 against the U.S. dollar.
USD/AZN in the last five years
|U.S. $1 =|
|1 July, 2013||AZN 0.7837|
|1 July, 2014||AZN 0.7831|
|1 July, 2015||AZN 1.0470|
|1 July, 2016||AZN 1.5869|
|1 July, 2017||AZN 1.6854|
USD/AZN in the last five months
|U.S. $1 =|
|1 April, 2018||AZN 1.7025|
|1 May, 2018||AZN 1.7025|
|1 June, 2018||AZN 1.7050|
|1 July, 2018||AZN 1.7050|
|1 August, 2018||AZN 1.7025|
What Affects USD/AZN Rates?
There is little fluctuation in USD/AZN exchange rates when the Azerbaijani manat remains pegged to the U.S. dollar. This was the case until December 2015, and then, again, from May 2017. During the time the Azerbaijani manat was a free floating currency, the exchange rate of the USD/AZN currency pair was subject largely to supply and demand.
Given the dependence of the Azerbaijani economy on its oil exports, major dips in oil prices may have a bearing on the exchange rate of the manat. Other factors that might have an effect on how the USD/AZN currency pair performs include inflation, balance of trade, interest rates, and monetary policies of both nations.
If you plan to send money from the United States to Azerbaijan or from Azerbaijan to the U.S., paying attention to the existing USD/AZN exchange rate might work well for you. However, you also need to take into account the transfer fees you need to pay.