The Central Bank's monetary policy is expected to focus on inflation control whilst still supporting economic recovery.

Any resumption of hostilities would likely involve the few areas of internationally recognised Azerbaijan still under de facto Armenian control or border areas.

It was clear during the six-week onslaught by Baku last year that Moscow was no longer unilaterally calling the shots. And it demonstrated how NATO member Ankara’s 25-year effort to help Azerbaijan build its army from the ground up effectively was successful.