Armenia’s financial agenda in the week of September 7–13 was shaped mainly by developments in the capital market, the banking sector, government debt and payment infrastructure. The week’s data suggest that activity remained solid in both banking and debt instruments, while the equity market continued to lag behind in trading volumes.
Banking sector
Official statistics show that commercial bank lending in Armenia stood at 8.899 trillion drams at the end of July 2026, up from 8.775 trillion drams a month earlier. Bank deposits rose over the same period from 8.071 trillion drams to 8.290 trillion drams.
That means the loan portfolio expanded by about 1.4% in a month, while deposits increased by 2.7%, pointing to a broader funding base alongside continued credit growth.
Equities and corporate bonds
Armenia’s stock market capitalization exceeded 356.2 billion drams in August 2026. According to the Armenia Stock Exchange, exchange trading in shares totalled more than 153.4 million drams, with 288 deals concluded.
At the same time, turnover in corporate bonds jumped 72% year on year in August to more than 10.5 billion drams. By the end of the month, 221 corporate bonds were listed on the exchange, while total repo transactions exceeded 22.8 billion drams. The figures indicate that market activity remains concentrated primarily in the debt segment.
Foreign exchange market
Data from the Central Bank of Armenia show that the average market exchange rate of the US dollar against the dram slipped from 363.7 drams on September 7 to 363.28 drams on September 11. Over the same period, the euro eased from 422.76 drams to 421.11 drams, while the Russian ruble rose from 4.2027 drams to 4.2971 drams.
Such narrow currency moves mean relatively stable conditions for banks, importers and companies with foreign-currency liabilities when making current payments and revaluing FX positions.
New bond issues
On September 8, EBRD bonds with a total nominal volume of 5 billion drams were listed on the Armenia Stock Exchange and included in the main Abond list. Trading was opened in 500 bonds with a face value of 10 million drams each, a floating coupon rate and a 36-month maturity.
On September 11, investment company Cube Invest announced the start of placement of its own 5 billion-dram bond issue with a 36-month term. A fixed 10.5% rate applies during the first six months, after which the coupon will be set at the Central Bank of Armenia refinancing rate plus 4 percentage points. Together, the two issues expand the supply of dram-denominated debt instruments in the domestic market.
Cashless payments and POS fees
On September 8, Armenian Deputy Prime Minister Mher Grigoryan, at a meeting with a Visa delegation, proposed discussing lower fees for cashless payments via POS terminals together with the payment system’s partner banks.
The issue matters for banks, merchants and customers alike because it directly affects the cost of payment infrastructure and the economics of cashless transactions.
Investment companies grow
Speaking at the “INVESTMENT PERSPECTIVES 2026” forum on September 11, Dimension Investments Chief Executive Officer Grigor Harutyunyan said the assets of Armenia’s investment companies had increased roughly sixfold since 2021, from 67 billion drams to more than 400 billion drams.
He said the number of investment companies had risen from 14 to 27, while their equity capital had grown from 12 billion drams to about 130 billion drams. The trend points to a stronger role for the non-bank segment and a larger pool of professional market participants.
Capital market structure
In a partner interview with ARKA news agency, Landmark Capital Chief Executive Officer Gor Gevorgyan said insufficient liquidity remains one of the main constraints on the development of Armenia’s capital market. In his view, the economy is still financed mainly through bank lending, while alternative capital-raising mechanisms are used to a lesser extent.
Among those alternatives, he highlighted corporate bonds, equity financing, private financing, structured products and the IPO market. He added that ensuring liquidity is primarily the responsibility of professional participants, namely banks and investment companies, rather than retail investors.
Government debt and sovereign bonds
Finance Minister Vahe Hovhannisyan said on September 9 that Armenia’s government debt stood at 5.12 trillion drams as of June 30, 2026, down from 5.30 trillion drams at the end of 2025. In dram terms, the figure declined by 3.5% in the first half, while in US dollar terms it was broadly unchanged at $13.9 billion.
On the same day, the Armenia Stock Exchange hosted a 35 billion-dram auction to place government bonds, along with bond exchange auctions worth more than 2.9 billion drams. The combined volume of operations came to about 38 billion drams. These auctions provide access to sovereign debt instruments and help shape yield benchmarks for other segments of the dram bond market.
Weekly takeaway
Over the week, Armenia’s financial market saw fresh data on banking and exchange trading, new debt placements and auctions, and policy and market statements on payment infrastructure and capital market development. Overall, the picture suggests that market deepening remains high on the agenda, especially when it comes to expanding non-bank financing.
