Timeline

• 19.01.1918
• Start of issuance of paper money ("Baku Coupons") by the "Baku Municipal Administration" until July 1918
  - 25.09.1918: Government decree of the Azerbaijani Democratic Republic on the issuance of additional "Baku Coupons" (although the former "Baku Municipal Administration" was no longer in place); effective immediately
• 29.01.1918
• Government decree of the Transcaucasian Commissariat on Issuance of paper money (for Armenia, Azerbaijan, and Georgia); effective immediately
  - 05.02.1918: Start of issuance of the new paper money ("Transcaucasian Coupons")
• 22.09.1918
• Government decree of the Azerbaijani Democratic Republic on the recognition of the "Baku Coupons" as legal tender effective immediately.
  - 09.10.1918: Government decree on the rating of 1 Transcaucasian Ruble (all types) = 1 Russian Ruble (all types); 1 Turkish Lira = 20 Transcaucasian Rubles; effective immediately.
  - 03.03.1919: Proclamation of the end of equivalence between "Baku Coupons" and Transcaucasian Ruble notes; effective immediately.

Valuation Regimes

• 1918-1919
• Potentially variable rates against other Russian (local) currencies determined as demand and supply

Timeline

• 30.03.1919
• Government decree on the issuance of paper money by the Azerbaijani (Democratic) Republic; effective immediately
• 26.05.1919
• Government decree on the establishment of the State Bank of Azerbaijan (out of the Russian State Bank that had been nationalized on 07.3.1919); effective upon constitution of the bank on 30.09.1919
• 31.05.1920
• Decree of the People's Commissar of Finances on the name change of "State Bank of Azerbaijan"; effective immediately.
  - 09.06.1920: Decree of the People's Commissar of Finances on the nationalization and merger of all Azerbaijani banks into the People's Bank; effective immediately.
  - 16.10.1921: Government resolution on the restoration of the name "State Bank of Azerbaijan"; effective immediately.

Valuation Regimes

• 1919-1923
• Variable rates against other Russian (local) and Transcaucasian currencies

Timeline

• 10.01.1923
• Government decree of the Transcaucasian Federation (within USSR) on the reform and unification of the currencies of Armenia, Azerbaijan and Georgia; effective immediately
• 01.03.1923
• Resolution [No. 20] of the Council of People's Commissars of the Transcaucasian Federation on the withdrawal of the currencies of the predecessor states until 10.04.1923; effective immediately

Valuation Regimes

• 1923-1924
• Variable rates against other (local) currencies within the USSR

Timeline

• 18.02.1924
• Government decree of the Transcaucasian Federation on the adoption of the Soviet currency reform of 05.02.1924; effective 07.03.1924
• 04.04.1924
• Government decree of the Transcaucasian Federation on the exchange ratio of 1 Soviet Ruble (1924) = 1 : 12'500'000'000 Transcaucasian Rubles (1923); effective 15.04.1924
• 15.04.1924
• Start of currency exchange:
  - 15.04.1924: Start of issuance of Soviet banknotes and coins
  - 31.07.1924: Demonetization of the Transcaucasian (Azerbaijani) currency.

Timeline

• 11.02.1992
• Presidential decree [No. 566] on the nationalization of the State Bank of the USSR and creation of the National Bank of Azerbaijan; effective 15.08.1992 by law [No. 263] of 07.08.1992
• 15.07.1992
• Presidential decree [No. 48] on the creation of a national currency; effective 15.08.1992
• 15.08.1992
• Start of currency exchange:
  - 15.08.1992: Start of issuance of the new banknotes and coins, circulating alongside the Russian and Soviet banknotes
• 26.07.1993
• Government resolution [No. 407] on withdrawal of the Soviet paper money; effective 05.08.1993 by parliamentary resolutions [No. 655] of 28.07.1993 and [No. 570] of 29.07.1993.
  - 11.12.1993: Presidential decree [No. 58] on the sole legal tender status of the Manat and demonetization of the Russian currency; effective 31.12.1993.
• 10.12.2004
• Law [No. 802-IIQ] on the constitution of the central bank; effective 22.12.2004.
  - 19.06.2009: Law [No. 836-IIIQD], amending the 2004 law, §1 prescribes the name change from "National Bank" into "Central Bank" (following a constitutional change); effective immediately

Valuation Regimes

• 1992-1993
• Fixed rate against Russian Ruble (1992)
• 1993-1994
• Fixed rate against US Dollar
• 1994-2005
• Variable rate, highly inflationary until 1995

Timeline

• 07.02.2005
• Presidential decree [No. 189] on the currency reform; effective 01.01.2006
• 01.01.2006
• Start of currency exchange:
  - 01.01.2006: Start of issuance of the new banknotes and coins
  - 31.12.2006: Demonetization of the former currency.

Valuation Regimes

• 2005-2018
• Variable rate
• 2018-
• Fixed rate against the US Dollar