10 Manat

The third-generation manat series, introduced after Azerbaijan's 2015 currency crisis, was a deliberate rebranding effort following the Central Bank's decision to abandon its dollar peg and allow a near-50% devaluation in a single December announcement. Public confidence in the manat collapsed almost overnight. The redesigned notes, of which this 2021-dated example is part, were issued partly as a psychological exercise in restoring institutional credibility.

Giesecke & Devrient have held the printing contract for Azerbaijani banknotes since the manat's reintroduction in 2006. The watermark security on this issue is relatively modest for a denomination of this value.