Second Manat, 1992-2006
The second manat was introduced on 15 August 1992. It had the ISO 4217 code AZM and replaced the Soviet ruble at a rate of 10 rubles to 1 manat.
From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4770–4990 manat per US dollar). Starting in the spring of 2005 there was a slight but steady increase in the value of the manat against the US dollar; the reason most likely being the increased flow of petrodollars into the country, together with the generally high price of oil on the world market. At the end of 2005, one dollar was worth 4591 manat. Banknotes below 100 manat had effectively disappeared by 2005, as had the qəpik coins.
Read more about this topic: Azerbaijani Manat