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The redenomination of the Azerbaijani manat was a reform of Azerbaijan's national currency, manat, when 1 new manat was equated to 5000 old manats. The redenomination was conducted in 2006 in accordance with the February 7, 2005 decree of Azerbaijani president Ilham Aliyev. Alongside banknotes of lower denomination, it re-introduced coins (qapiks) that had existed briefly in 1992–1993. Some banknotes retained their previous denominations, but their design was changed. The older banknotes officially ceased circulation after 1 January 2007, but they are exchanged by the Central Bank of Azerbaijan and its branches indefinitely, without restrictions or fee.
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