Redenomination of the Azerbaijani manat

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 decree of Azerbaijani president Ilham Aliyev from 7 February 2005. 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.