Armenia Financial Digest: What Changed in Early 2026

The AFM team analyzed key events in Armenia's financial market from January to April 2026. The main takeaway: the system remains stable, but there are signs of tightening conditions, especially regarding loans.

CBA Refinancing Rate Remains at 6.50%

The regulator is keeping the rate unchanged, though a potential hike is being discussed amid rising inflation.

Banks Reported Record Profits

Total profits reached 421 billion AMD by the end of 2025, with all banks finishing the year in the green.

Loans Continue to Grow

The loan portfolio increased by 24% year-over-year, and banks expect demand to grow further.

Transfers Are Breaking Records

Net inflow for January-February hit $303 million (a 3.5x increase). The primary source remains Russia.

The Dram is Strengthening

The exchange rate has dropped to ~374-376 AMD per dollar, a result of the high foreign currency inflow.

New Crypto Market Rules Launched

Licensing for companies and capital requirements have been introduced. The transition period lasts until 2027.

Mandatory Health Insurance Started

The premium is 10,800 AMD per month, and the system already covers about 1.7 million people.

What This Means

1. Loans: Rates may rise; it is more beneficial to lock in terms now.
2. Deposits: Dram yields remain high-up to ~10%.
3. Transfers: The market is stable, with sufficient foreign currency.
4. Expenses: A new mandatory health insurance payment has been added.
5. Crypto: The market is becoming legal and more regulated.

Armenia's financial market is entering a phase of stability with a gradual tightening of conditions. While favorable opportunities for loans and deposits still exist, conditions may become less attractive throughout the year.