Average market exchange rate of dram rises against USD

On Wednesday, at the opening meeting with the IMF mission delegation to Armenia, led by Alexander Timan, the Governor of the Central Bank of Armenia, Martin Galstyan, discussed recent macroeconomic developments, economic prospects, and key risks.

This week, Armenia's financial agenda was shaped by changes in monetary policy direction, the cost of bank funding, inflation, and the situation in the foreign exchange market.

The decision of the Board of the Central Bank of Armenia to raise the refinancing rate was primarily due to excessive demand factors, Central Bank Governor Martin Galstyan stated in response to a question from ARKA news agency.

Yesterday, the Central Bank of Armenia raised its monetary policy rate for the first time in over three years. After setting the rate at 10.75% in December 2022, it remained unchanged for several months, and in June 2023, the Central Bank began a gradual rate reduction cycle.

Thanks to significant remittance and capital inflows, gross reserves in Armenia rose to a record $6.5 billion in August, equivalent to 4.3 months of import coverage, according to the World Bank's Armenia "Monthly Economic Update – September 2026."