Azerbaijan Manat's Nominal and Real Effective Exchange Rates Strengthen

As of August 1, 2026, the overall nominal effective exchange rate of the Azerbaijani manat against foreign currencies stood at 104.9 percentage points.

Calculations based on Central Bank of Azerbaijan data indicate that the metric rose by 1.4 percentage points month-on-month and 3.1 percentage points year-on-year.

Meanwhile, the non-oil nominal effective exchange rate reached 176.4 percentage points, marking an increase of 2.6 percentage points compared to the previous month and 3.7 percentage points year-on-year.

The overall real effective exchange rate of the manat stood at 116.0 percentage points, gaining 0.8 percentage points on a monthly basis and 2.3 percentage points annually. The non-oil real effective exchange rate rose 1.1 percentage points month-on-month to 110.6 percentage points, remaining flat year-on-year.

According to CBA Governor Taleh Kazimov, the strengthening of the national currency is driven by several factors: "In the cash foreign exchange market, US dollars are predominantly sold by individuals, while the volume of manat deposits and the number of unique depositors continue to rise. Reduced imports suppress demand for foreign currency, and the manat's appreciation against trade partners' currencies curtails imported inflation."

N.Tebrizli