Inflation has exceeded the central bank’s 3 percent target for several months. Annual inflation in December was 13.9 percent, up from 12.5 percent in November last year.

Stable gas supplies remain at the top of the agenda – gas prices have soared past $1,000-$1,300 per thousand cubic metres and oil futures now top $93 a barrel.

Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.

The Lombard repo rate was raised to 9.50 percent from 9.25 percent and the deposit rate - to 6.50 percent from 6.25 percent.