The bank kept the upper level of the rate corridor at 6.75 percent and the lower level at 5.75 percent.

Voters, obviously tired of a long war with Azerbaijan which had drained its economy, propelled Pashinyan’s Civil Contract party to a huge victory.

Askar Akayev was once lauded by Western countries as a democratic outlier in a region of despots and strongmen.

The illicit business has boomed as bicycles become a market increasingly being filled with high-end models costing thousands of Euros.