Silknet said that the interest rate is 8.375 percent and its holders will receive the coupon twice a year.

Commercial banks reported a total net profit of 2.081 billion lari ($674 million) from January to December 2021 compared to a profit of 99.3 million lari in 2020.

Gas exports from Shah Deniz amounted to 17.618 billion cubic metres (bcm) last year, 43.6 percent up from a year earlier.

The World Bank forecasts that economic growth in Europe and Central Asia will slow to 3 percent in 2022, as domestic demand stabilises, and 2.9 percent in 2023, as external demand plateaus and commodity prices soften.