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

The state will build higher educational institutions with 54,000 seats and dormitories with more than 8,000 beds, general education, creative and specialised schools with 259,000 seats and 248 sports halls.

Armenia and Turkey agreed to nominate representatives to set up formal relations and Turkey’s civil aviation authority said two airlines would begin flights between Yerevan and Istanbul next month.

Sargsyan had been at odds with Prime Minister Nikol Pashinyan, particularly on some of the issues in moving towards peace since last year’s 44-day “Second Karabakh War” in which Azerbaijan made big advances.

The rate on access operations to provide liquidity was set at 11.25 percent and the rate on access operations to withdraw liquidity - at 9.25 percent.

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