Azerbaijan's Manat Peg Enters Ninth Year of Stability
The Central Bank of Azerbaijan kept the official exchange rate of the US dollar at 1.7000 manat for September 17, 2026, maintaining the country's currency stability that has been in place since April 2017.
This stability is built on hydrocarbon revenue and foreign exchange reserves, which have seen a significant increase in recent months. According to AzerNews, the central bank bought about $1 billion worth of foreign currency in April 2026 and $394 million in June 2026, lifting reserves by $1.64 billion since January 1.
The official exchange rate table published by the central bank on September 17 also set one euro at 1.9493 manat, one British pound sterling at 2.2749 manat, and one ounce of gold at 7,305.3505 manat, among other currencies and precious metals.
The manat's stability has been a key factor in maintaining investor confidence in the country's economy. The Ministry of Economy projects that the manat will remain stable against the dollar through 2027, but the central bank's ability to defend the currency will be tested by any changes in policy or a sustained fall in energy income.