Currency: New Azerbaijani manat Yeni Manat
Currency code: AZN
Exchange rates approximate, November 2011:
Â£1 = 1.25 manat
â¬1 = 1 manat May 2012
US$1 = 0.786 manat
For more rates please visit web page of Central Bank of Azerbaijan Republic (http://nba.az/default.asp...)
Keep in mind that import and export of manat is strictly forbidden.
Economy - overview: Azerbaijan's number one export is oil. Azerbaijan's oil production declined through 1997 but has registered an increase every year since. Negotiation of production-sharing arrangements PSAs with foreign firms, which have thus far committed $60 billion to oilfield development, should generate the funds needed to spur future industrial development. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997. Azerbaijan shares all the formidable problems of the former Soviet republics in making the transition from a command to a market economy, but its considerable energy resources brighten its long-term prospects. Baku has only recently begun making progress on economic reform, and old economic ties and structures are slowly being replaced. An obstacle to economic progress, including stepped up foreign investment in the non-energy sector, is the continuing conflict with Armenia over the Nagorno-Karabakh region. Trade with Russia and the other former Soviet republics is declining in importance while trade is building with Turkey and the nations of Europe. Long-term prospects will depend on world oil prices, the location of new pipelines in the region and Azerbaijan's ability to manage its oil wealth.