VTB Azerbaijan reported a net profit of 4.213 million manats ($2.5 million) in 2021, 9.1 percent up from a year earlier.

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.

Armenia has dropped its opposition to the project – on grounds that a “corridor” would imply extra-territorial status -- and is now actively moving forward with it.

Global growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022—half a percentage point lower for 2022 than in the IMF's October forecast.

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.