NPL in the banking system peaked in July this year and amounted to 6.2 percent.

The lombard repo rate was kept at 8.75 percent and the deposit rate - at 5.75 percent.

SOCAR plans to use the funds raised from the placement of bonds to finance obligations under various projects.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

Annual inflation in Azerbaijan in September was 5.2 percent, up from 4.8 percent in August this year.