The national currency of Azerbaijan is manat. It is in manats that all payments and purchases are made. Before traveling to Azerbaijan, you need to think in advance about how to exchange currency as profitable as possible.
Manats
The rate of the Azerbaijani manat (AZM), set by the Central Bank of Russia, is approximately 33-34 rubles. The currency is unstable, therefore, before traveling to Azerbaijan, check the current exchange rate on the website of the Central Bank of the Republic of Azerbaijan. The exchangeable currency is called qepik. One manat is equal to 100 qepiks.
The currency was introduced in the summer of 1992 and was initially used alongside Soviet rubles and post-Soviet banknotes of the Bank of Russia. Since 1994, it has become the country's only official currency. In 2006, the denomination was carried out and since then there have been banknotes of 1, 5, 10, 20, 500 and 100 manats in circulation. Until 2015, the value of the Azerbaijani currency was pegged to the euro. After the decision was made to switch to a floating rate, the unregulated rate of the manat depreciated twice and since then has not risen above 40 rubles.
The appearance of banknotes and coins is reminiscent of euros. The fact is that the design of the manat was developed by the same specialist as for the euro - a designer from Austria, Robert Kalina.
Throughout the country (except for the disputed territory of Nagorno-Karabakh), it is manats that are in use. In the markets or in small outlets, dollars, euros or rubles can be accepted, but this is rather an exception. In addition, it will be more profitable and more convenient to run the budget in national currency.
It seems logical to exchange manats in Russia and come to Azerbaijan prepared. But even in large cities it is problematic to find a bank that will sell manats. Therefore, you have to take with you rubles, dollars or euros, and change them already on the spot.
Dollars and Euros
The exchange rate of the manat against the dollar and the euro is more stable. For 1 manat, you will have to pay about 0.58 dollars or 0.48 euros. Over the past two years, after the denomination of the Azerbaijani currency, there have been no strong fluctuations in the exchange rate. Therefore, it is more convenient and reliable to calculate the budget in American and European currencies.
Although the dollar and euro exchange rates seem to be more profitable, it is possible that conversion losses will cover the difference in exchange rates. It makes no sense to change a small amount twice (first for dollars, then for manats).
If you have a credit card, you can withdraw money from it at any ATM - but only in dollars or manats. You can pay in dollars in some shops and restaurants, taxi drivers take currency, but you will need manats anyway. They also accept non-cash payments by credit cards of the main payment systems, but this is more difficult to keep track of spending.
Rubles
Any bank and exchange office in Azerbaijan will sell manats for rubles. The main thing is to check the exchange rate in the banks of this country and take a sufficient amount of Russian currency. The average rate in local financial institutions is 1 manat for 34 rubles, which corresponds to the proposals in Russian banks.
The exchange rate may differ slightly at different points. It is better to give preference to large banks, but before the exchange, carefully read the tariffs. You may be charged an additional commission, which can be up to 15%. The amount of the commission depends on the amount.
Where to exchange
You can buy manats directly at airports and train stations in large cities, but, like in other countries, the rate here will be very unprofitable. Therefore, exchange here only the amount that will be enough to travel to the city.
Take your time and contact the exchange offices located in the very center or near tourist places. Select authorized locations away from the most popular attractions or major fixed rate banks. You can find an exchange office by looking at the signs with the words “Mubadile menteqesi”.
You can withdraw money from the card at an ATM. They give out manats, and some devices also give out dollars. Conversion is made at the rate set by the bank. Be prepared for additional fees and hidden charges for the cross rate.
If the bank withholds a commission, its percentage will depend on the amount. The less money you change, the higher the commission. Therefore, it is more profitable to exchange large amounts at once.
Remember that most large banks are open until 18-00 and only on weekdays. Many exchange offices are open around the clock.
It costs rubles, dollars or euros to take with you to Azerbaijan. This currency will be exchanged at any bank.
