EBRD revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, though called the recovery "bittersweet".

Earlier this week, the central bank kept the refinancing rate unchanged at 7.25 percent to control rising inflation.

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

Azerbaijan has reduced gold production by 2.7 percent year-on-year to 2.608 tonnes in January-September, production of silver rose by 7.7 percent.