Armenia’s financial market agenda last week combined macroeconomic issues, regulatory signals and capital market transactions. The main developments included cooperation with the IMF, oversight steps by the Central Bank, bank and corporate bond placements, and the draft budget for 2027.
On September 28, Central Bank of Armenia Governor Martin Galstyan held a concluding meeting with an IMF mission. The sides discussed the macroeconomic situation, economic policy and progress on the structural benchmarks of the Stand-By Arrangement program, including reforms of the financial system.
In the foreign exchange market, Central Bank data showed that from September 28 to October 2 the euro fell from 413.19 drams to 407.29 drams, down 1.43%. The US dollar slipped from 363.34 drams to 362.55 drams, down 0.22%, while the Russian ruble rose from 4.3043 drams to 4.3363 drams, up 0.74%. This suggests the dram strengthened more clearly against the euro.
On September 30, the Central Bank also warned that a company presented on Facebook under the name My Fin UCO was offering lending services without a regulator’s license. The regulator said the organization operates outside its supervision and advised citizens to use only licensed financial institutions.
In the bond market, Unibank said on October 2 that it had completed early placement of dram-denominated bonds worth 3 billion drams, while placement of its $3 million dollar-denominated issue is still under way. Team Holding, for its part, announced on September 30 that it had completed its public bond placement program totaling $31.5 million and 1.4 billion drams in cooperation with Freedom Broker Armenia. According to co-founder and group director Hayk Yesayan, the proceeds will be used to develop the group’s infrastructure, including logistics and energy.
On public finances, the government on October 1 approved the draft law on the 2027 state budget and submitted it to the National Assembly. Under the draft, consolidated budget revenue for 2027 is set at 3.8 trillion drams, spending at 4.2 trillion drams, and the deficit at 468.2 billion drams, excluding interbudgetary transfers.
