13/12/2021: Introduction of New Banknotes and Coins
New banknotes and coins were introduced, featuring updated designs, improved security features, and denominations. This aims to enhance the efficiency of cash transactions.
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.
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.
03/04/2017: Transition to Free Float
After gradually reducing interventions, Kazakhstan fully transitioned to a free float exchange rate for the tenge, allowing the market to determine its value.
20/12/2015: Devaluation
The manat was devalued by more than 30% against the US dollar in response to falling oil prices.
20/08/2015: Tenge Devaluation
Kazakhstan devalued the tenge by around 30% due to falling oil prices and economic instability. This move aimed to boost exports and protect the economy.
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.
19/04/2004: Introduction of New Banknotes
New banknotes with enhanced security features and updated designs were introduced to combat counterfeiting and modernize the currency.
14/06/2001: Currency Reform
A currency reform was implemented, resulting in a new manat with a higher exchange rate.
04/10/1999: Floating Exchange Rate
Kazakhstan switched to a floating exchange rate regime, allowing the tenge to fluctuate freely based on market supply and demand.
15/02/1994: Denomination of Tenge
The tenge underwent a 10,000-fold denomination, where 1 new tenge was equal to 10,000 old tenge. This was done to simplify currency handling and eliminate excessive zeros.
31/12/1993: Hyperinflation
Azerbaijan experienced a period of hyperinflation, leading to the devaluation of the manat.
15/11/1993: Introduction of Kazakhstani Tenge
The Kazakhstani tenge was introduced as the new currency of Kazakhstan, replacing the Soviet ruble. The exchange rate was set at 1 tenge = 500 rubles.
14/08/1992: Introduction of Manat
The Azerbaijani manat currency was introduced as the official currency of Azerbaijan, replacing the Soviet ruble.