The State Oil Fund of Azerbaijan will save nearly $2 billion due to the devaluation of the manat in 2016, SOFAZ told Trend on December 21.

The financial sector should play a more active role in Azerbaijan’s economic development, according to Rashad Orujov, executive director of the Central Bank of Azerbaijan.

The Central Bank of Azerbaijan (CBA) has solved the problem with the lack of equity.

Azerbaijan’s commercial banks faced a number of challenges since the central bank has decided to abandon the national currency peg to the US dollar in mid February.

Azerbaijan's government will form the next year budget setting the oil price at the level of $50 per barrel.

Azerbaijan’s banks face risks to asset quality after the Central Bank of Azerbaijan devalued the national currency, Moody’s Investors Service announced.

The Azerbaijani banks reduced the interest rates on deposits both in national and freely convertible currencies in January-November 2014.

Azerbaijan’s state energy company SOCAR has appealed to the Central Bank of Azerbaijan for a major loan to finance construction of a new Oil and Gas Processing and Petrochemical Complex (OGPC), said Suleyman Gasimov, SOCAR Vice President.

The total amount of foreign direct investment made in Azerbaijan's economy amounted to $5.8 billion in the first three quarters of 2014 including 85.3 percent in the oil and gas sector.

Azerbaijan’s strategic foreign exchange reserves have increased by 7 percent or $3.5 billion in the first nine month of 2014.