Parliament has also lowered the budget deficit to 6.9 percent from 7.6 percent and the government's debt to 54.6 percent of Gross Domestic Product (GDP).

This additional issue increased the total amount of Eurobonds in circulation with an interest rate of 6.876 percent to $1.25 billion.

The bank said that the new forecast would also reflect an improved outlook for Armenia and Georgia.

The central bank said it was ready to raise the interest rate in future to 8.5 percent and to keep it at this level until the second quarter of 2022.