Ever looked at a currency chart and wondered if the line was broken? That is basically what happens when you look at the exchange rate for the Azerbaijani manat. If you are trying to swap Azerbaijan money to US dollar today, you’ll notice something eerie. The rate is almost always exactly 1.70.
It is not a glitch. It is a choice.
Since 2017, the Central Bank of the Republic of Azerbaijan has held the manat in a "de facto" peg. While the official terminology might dance around "managed floats," the reality on the ground in Baku is that 1 USD has equaled 1.70 AZN for years. But if you think that makes your travel or business planning simple, you’re only half right.
There are traps. Honestly, if you just walk into a random spot expecting a perfect mid-market trade, you're going to lose a chunk of your change.
The 1.70 Wall: Why it stays there
Most people assume currencies fluctuate based on how many carpets or barrels of oil a country sells that morning. In Azerbaijan, it works differently. The government uses the State Oil Fund (SOFAZ) to auction off dollars to local banks. This keeps the supply steady.
Why do they bother? Stability.
Azerbaijan remembers 2015. Back then, the manat plummeted twice in one year, losing nearly half its value against the greenback. It was a mess. People lost savings overnight. To prevent a repeat, the Central Bank keeps a tight grip. As of January 2026, the official rate remains pinned at 1.7000.
But here is the catch: that's the official rate. When you actually go to buy or sell, you'll see "Buy" and "Sell" spreads. A typical bank like PASHA Bank or ABB might buy your dollars at 1.6970 and sell them back to you at 1.7020. It sounds like a tiny difference, but it adds up if you're moving thousands.
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Where to actually swap your cash
Don't use the airport. Just don't.
The Heydar Aliyev International Airport is beautiful, but the exchange booths there know you're desperate. They often bake in fees or wider spreads that leave you with less manat for your buck.
- Bank Branches: Generally the safest bet. Look for "Valyuta Mübadiləsi" signs. You will need your passport. No passport, no trade. That’s a hard rule in Azerbaijan.
- The "Black Market": You might see guys hanging around certain metro stations. Ignore them. It’s technically illegal, and the risk of getting "short-counted" or handed counterfeit notes isn't worth the extra few cents.
- ATMs: They are everywhere in Baku. Most give you the option to withdraw in AZN. If the ATM asks if you want the "guaranteed conversion rate" from your home bank—hit DECLINE. Always let your own bank do the math; the ATM's internal rate is almost always a rip-off.
Is the peg under threat?
There is always talk about "Devaluation." You'll hear it in the tea houses and read it in the local business journals.
Critics point out that Azerbaijan relies heavily on oil and gas. If global oil prices tank, the Central Bank has to burn through its reserves to keep the 1.70 rate alive. According to recent 2026 budget discussions, the government is betting on an oil price of around $65 per barrel. If prices stay above that, the manat is likely safe. If they drop to $40? Things get dicey.
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Vugar Bayramov, a well-known economic expert and member of the Milli Majlis, has noted that as long as the balance of payments stays positive, the Central Bank has no real reason to let the currency drop. They have billions in the war chest (SOFAZ). They can defend the 1.70 line for a long time.
Practical tips for your wallet
If you're heading to Baku or dealing with an Azerbaijani supplier, keep these realities in mind.
First, cash is still king outside of the capital. In Baku, you can tap your Visa or Mastercard at almost any coffee shop or grocery store. But the moment you head toward the mountains of Quba or the historic streets of Sheki, those card machines "stop working" or don't exist.
Second, check your bills. Azerbaijanis are picky about the physical condition of US dollars. If your $100 bill has a tiny tear, a mark, or is from an older series (like the "small head" bills), the teller might refuse it. They want crisp, blue, "big head" $100 notes.
Third, don't over-exchange. Converting Azerbaijan money to US dollar when you leave is harder than the other way around. Some smaller exchange points run out of USD, or they’ll give you a much worse rate to "buy back" your manat. Only swap what you need for a few days at a time.
How to handle the math
Because the rate is static, the math is actually quite easy to do in your head.
To get a rough USD estimate, you can basically divide the manat price by 1.7. Or, for a quick "cheat sheet" at a restaurant:
10 AZN is about $5.88.
50 AZN is about $29.41.
100 AZN is about $58.82.
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It’s a strong currency for the region. In fact, the manat is worth more than the US dollar in terms of unit value (1.7 AZN per 1 USD), which often surprises travelers coming from Turkey or Georgia where they get piles of local notes for a single twenty-dollar bill.
Actionable Next Steps
- Check the CBAR website: Before any large transaction, go to the Central Bank of Azerbaijan (cbar.az) to see the daily official rate.
- Bring crisp $100s: If you are bringing cash, ensure they are the newest series of US bills with no ink marks or folds.
- Notify your bank: If you plan on using ATMs, tell your bank you're in Azerbaijan. Their fraud detection is aggressive and will block your card after one transaction if you don't.
- Use the "No Conversion" rule: At any terminal or ATM, always choose to be charged in the local currency (AZN).
The manat is a tool of state policy as much as it is a currency. Treat it with the same level of calculation the Central Bank does, and you'll navigate the Baku markets without losing a cent.