The Manat is New Azeri Euro

BAKU, Azerbaijan, January 01, 2006

From January 1^st, 2006 Azerbaijan began using a new currency. It is still called the manat (like the old currency), but consists of new bills and coins and is denominated at a less-unwieldy exchange rate.

The old manat recently was worth about 4,800 to the US dollar, whereas the initial exchange rate for the new manat is about 1.1 to the dollar.

The bills and coins were designed by Robert Kalina, who also designed the Euro, and the stylistic resemblances represent Azerbaijani national items. The sign for the new manat resembles an upended Euro sign and Azerbaijanis have taken to calling the new currency "The Caucasian Euro."