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.
25/02/2020: Introduction of New Large Denomination Banknotes
Uzbekistan introduced new 100,000 and 200,000 som banknotes to meet the requirements of the growing economy and reduce cash circulation.
08/02/2019: Exchange Rate Unification
Uzbekistan unified the official and black-market exchange rates, allowing for more transparency in currency transactions.
03/09/2018: Denomination of Uzbekistani Som
Uzbekistan announced a 1:10,000 denomination of the som, as part of ongoing currency reform.
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.
05/09/2017: Floating Exchange Rate Regime
Uzbekistan transitioned to a floating exchange rate regime, allowing the Uzbekistani Som's value to be determined by market forces.
20/12/2015: Devaluation
The manat was devalued by more than 30% against the US dollar in response to falling oil prices.
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.
14/06/2001: Currency Reform
A currency reform was implemented, resulting in a new manat with a higher exchange rate.
10/03/2001: Introduction of New Uzbekistani Som
Uzbekistan introduced a new som, with 1 new som equaling 1,000 old soms, as a result of currency reform.
01/07/1994: Redenomination of Uzbekistani Som
Uzbekistan redenominated its currency, with 1 new som replacing 1,000 old soms to combat hyperinflation.
31/12/1993: Hyperinflation
Azerbaijan experienced a period of hyperinflation, leading to the devaluation of the manat.
01/07/1993: Introduction of Uzbekistani Som
Uzbekistani Som (UZS) was introduced as the official currency of Uzbekistan after the country gained independence from the Soviet Union.
14/08/1992: Introduction of Manat
The Azerbaijani manat currency was introduced as the official currency of Azerbaijan, replacing the Soviet ruble.