Currency Information on Azerbaijani Manat - GBP to AZN currency restrictions and Azerbaijani Manat historical and currency fluctuations for Azerbaijan. Kz
Azerbaijan is one of the countries with fast growing economies according to the Department of Foreign Affairs and Trade in Australia but has depreciated recently according to the GDP statistics and this was due to lower prices and oil outputs worldwide. Despite all this, Azerbaijan still has exported greater amounts of crude petrol to Australia and also butter hence the economy is not that bad.
Azerbaijan currency and foreign exchange.
The Azerbaijan official currency is the Azerbaijan Manat (AZN).When you want to send money to Azerbaijan you don't need to worry about the poor foreign exchange rates or other issues that arise when making a money transfer to Azerbaijan. You also don't have to wait for so long for your money to be sent to Azerbaijan. With money transfer services, you are guaranteed of an instant money transfer to Azerbaijan and the best foreign exchange services.
Foreign exchange rates.
You can get free money transfer comparison service whereby you can make comparison of different service providers, their service charges, their best deals and their exchange rates. You don't have to search tirelessly to compare your foreign exchange rates or foreign exchange service provider since with money transfer services you will have all this information at once.
Foreign exchange brokers.
You are also able to acquire a transfer service that is personalized from a foreign exchange broker who will give you some guidance on how to go about the money transfer process. Huge commissions, poor exchange rates and hidden charges will also be taken care of by the foreign exchange broker. You can also purchase forward contracts from the foreign exchange brokers and the purpose of doing this is to safeguard you against fluctuations of foreign currency when making money transfer to Azerbaijan. It will be wise using a foreign exchange broker when doing this than street banks whereby you may find some of the members of staff don't have adequate knowledge on forex.
There are a lot of foreign exchange brokers hence you should compare their rates and services so that you can get the best deals when you are sending money to Azerbaijan. It is also advisable not to go to high street banks since they will not give you a customized currency transfer service hence if you want to enjoy the best exchange rates and currency transfer services, and then use a foreign exchange broker. When sending money to Azerbaijan from an overseas country using a money transfer service, you should remember to compare the pickup methods, fees, exchange rates, transfer options, methods of transfer, customer service and turnaround time.
When you want to pick your money that has been sent to you in Azerbaijan, you can go to Access Bank which is opened from Monday to Friday and AFB Bank Division N2 which is opened from Monday to Sunday from 9am to 6pm and these two banks are found in Baku. When you are in Qabala, you can use Azerpost which is normally opened from Monday to Friday from 9am to 5pm or you can use an agent nearby.
Prices in Azerbaijan are displayed in both old manat and new manat; this is to ease the transition from old manat to new manat, which was introduced at a ratio of 5,000 old manat to 1 new manat. Robert Kalina is responsible for the design of the manat coins and banknotes in circulation.
He also designed the Euro notes and coins, which is why the manat currency so closely resembles euro coinage and banknotes. New notes were issued in Azerbaijan in 2009 after the National Bank of Azerbaijan was renamed Azərbaycan Mərkəzi Bankı – Central Bank of Azerbaijan.
Current coins in circulation are; 1, 3, 5, 10, 20, 50 qəpik, one manat is equal to 100 qəpik. Banknote denominations available are; 1, 5, 10, 20, 50, 100 manat.
Larger denominations of banknotes were considered by the Central bank of Azerbaijan, but they announced in 2013 that these would not be issued until at least 2014; no further announcements have been made on the issue.
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Comment written by Alice Pimentel.
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