The bank raised the upper level of the rate corridor to 9.0 percent from 8.25 percent, while the lower level remained unchanged - at 6.0 percent.

SOCAR Enerji Ticaret AŞ, a subsidiary of Azerbaijan’s state energy firm SOCAR, will supply Turkey with 4 million cubic metres (mcm) of natural gas per day in February.

The bank reported a net profit of 90.2 million manats ($53.1 million) in 2021. The bank’s assets amounted to 6.4 billion manats, 16.2 percent up from 2020.

Equinor and SOCAR are cooperating in Azerbaijan on the exploration and production in the promising areas of Ashrafi-Dan Ulduzu-Aypara since May 2018.

S&P considered Azerbaijan's fiscal and external stock positions to be among the strongest in the 'BB' category.

Lenders reported a rise in total net profit of 7.2 percent year-on-year of 609 million manats ($358 million) in 2021.

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

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

Oil and gas condensate production rose by 0.1 percent last year from a year earlier to 34.581 million tonnes, while natural gas output increased 18.1 percent to 43.864 bcm.