Euro: a reserve currency with global reach
The euro (EUR) is the single currency of 21 eurozone states, issued by the European Central Bank (ECB). One euro equals 100 cents. Introduced into non-cash circulation in 1999, and into cash circulation in 2002. The euro is the second largest currency by volume of global reserves. For Azerbaijan, Europe is an important trading partner and destination for hydrocarbon exports, which creates steady demand for the AZN/EUR pair in business transactions.
AZN/EUR rate: manat through the dollar
Since the manat is pegged to the dollar, the AZN/EUR rate effectively translates the USD/EUR pair movement. When the euro strengthens against the dollar - it also strengthens against the manat, and vice versa. This means the AZN/EUR rate is primarily influenced by ECB and US Fed policy, rather than internal decisions of the Central Bank of Azerbaijan. For businesses with transactions in AZN and EUR, this creates a relatively predictable but globally-factor-dependent environment.
Exchanging manats for euros through ATM24
ATM24 works with the AZN/EUR pair via application on WhatsApp or Telegram. The preliminary rate and terms are confirmed by the manager before payment, after verifying the amount, payment method, direction availability, and applicable KYC/AML, sanctions, and jurisdictional restrictions. For those transferring money between Azerbaijan and Europe or wishing to convert savings from manats to euros, clarify the terms with an ATM24 manager. For large volumes - clarify current terms with an ATM24 manager in advance.