BAKU — July 26, 2025 — The Azerbaijani manat has recently strengthened against the Turkish lira and Russian ruble, sparking questions about the factors driving this appreciation.
On July 1, one manat was worth 23.43 lira; by July 25, the rate had climbed to 23.86. Over the same period, the manat’s value against the ruble increased from 46 to 46.7.
But if the manat remains pegged to the U.S. dollar — with a stable rate of 1.70 — what explains its rise against the lira and ruble?
Speaking to Baku TV, economist Khalid Kerimli explained that the manat has been tightly linked to the dollar for over seven years.
“Since 2016, the Central Bank of Azerbaijan has maintained a fixed exchange rate policy. That means when the dollar strengthens, the manat does too — and when the dollar weakens, the manat follows. So, if the dollar appreciates against the Turkish lira or Russian ruble, the manat will mirror that trend,” he said.
“These fluctuations are more about global currency shifts than domestic Azerbaijani economic indicators,” he added.
