The bank said that its assets decreased by 1.2 percent year-on-year to 8.9 billion manats, while its liabilities fell by 3.4 percent to 8.4 billion manats.

The government of President Shavkat Mirziyoyev is on a non-stop effort to totally overhaul the economy and image of Central Asia’s largest country.

The stable outlook reflects S&P's expectation that the ceasefire agreement between Azerbaijan, Armenia, and Russia will broadly hold, underpinning a reduction in war-related security, financial sector, and balance-of-payments risks.

Periodic shootouts have increased along the border, where a kilometre here or a metre there apparently is enough reason to unleash heavy calibre weaponry