AFM January 2026 Review: Changes in Bank Deposit Volumes in Armenia

Based on an analysis of deposit offers from Armenian commercial banks for January 2026, the AFM team has recorded multidirectional interest rate dynamics. Rates on Russian ruble deposits increased, while the yield on dram deposits decreased at several banks.

Ruble Deposits

In January, Fast Bank revised its terms for deposits in Russian rubles. While rates for these deposits previously ranged from 4.75-5% per annum, by the end of January, they were increased to 7-8% per annum, making ruble deposits significantly more profitable compared to the beginning of the year.

Dram Deposits

At the same time, the AFM team recorded a decrease in rates for dram deposits:

1. Ardshinbank: Rates decreased by an average of up to 0.5 percentage points.
2. AMIO Bank: Similar changes occurred.

The adjustment of rates for dram deposits coincided with a key rate cut by the Central Bank of Armenia, which is reflected in the overall yield of deposits in the national currency.

Key Takeaways

1. The yield gap between different deposit currencies has widened.
2. Rate changes are specific and depend on the policies of individual banks.

A detailed comparison of deposits categorized by bank, currency, interest payment terms, and minimum or maximum balance requirements alongside expert insights on placement strategies and FAQs, is available in the full AFM analytical article.

The AFM team continues to monitor the deposit market. Terms for deposits at other banks may also be revised, and information will be updated as changes occur.