The disputed communication links lie at the heart of the talks --- the talks have focused on a rail and road link between Azerbaijan and its exclave of Nakhchivan.

Armenia's GDP growth is expected to reach 5.5 percent in 2021 and 5.25 percent in 2022, while inflation is projected to moderate in 2022 from its recent highs.

Armenia's economy has expanded by 2.7 percent in the third quarter of this year, backed by a rise in prices for commodities on world markets, growth in agriculture and robust tax collections figures.

The leaders of Azerbaijan and Armenia appeared to make progress on issues preventing the conclusion of a peace deal - particularly the opening of communications links.

The Lombard repo rate was raised to 9.25 percent from 8.75 percent and the deposit rate - to 6.25 percent from 5.75 percent.