31/12/2020: Digital Currency Pilot
Azerbaijan launched a pilot program to test the use of a digital currency, the digital manat, in an effort to modernize its financial system.
17/06/2018: Introduction of New Banknotes
A new series of UAE dirham banknotes, featuring enhanced durability, 3D security features, and tactile marks for visually impaired individuals, is introduced.
20/12/2017: Second Devaluation
The manat faced another devaluation, this time by around 30%, due to economic challenges and a sharp drop in oil prices.
20/12/2015: Devaluation
The manat was devalued by more than 30% against the US dollar in response to falling oil prices.
01/01/2007: Security Enhancements
New security features, including holograms and advanced anti-counterfeiting measures, are added to the UAE dirham banknotes.
20/02/2005: Pegged to US Dollar
The Azerbaijani manat was pegged to the US dollar at a rate of 1.6 manat per dollar.
01/12/2002: Introduction of Modern Coinage
A new series of UAE dirham coins, featuring modern designs and security features, is introduced.
14/06/2001: Currency Reform
A currency reform was implemented, resulting in a new manat with a higher exchange rate.
20/03/1995: Currency Peg to US Dollar
The UAE dirham is pegged to the United States dollar at a fixed exchange rate of 1 USD to 3.6725 AED.
31/12/1993: Hyperinflation
Azerbaijan experienced a period of hyperinflation, leading to the devaluation of the manat.
14/08/1992: Introduction of Manat
The Azerbaijani manat currency was introduced as the official currency of Azerbaijan, replacing the Soviet ruble.
01/01/1978: Currency Issuance Authority
The UAE Currency Issuing Authority is established, granting the authority to issue and manage the UAE dirham.
28/01/1973: Decoupling from Pound Sterling
The UAE dirham is officially decoupled from the British pound sterling and a new exchange rate is set.
02/12/1971: Formation of UAE
The United Arab Emirates is formed, resulting in the introduction of the UAE dirham as its official currency.