Mid-market rate of Armenian dram to US dollar is 373.38 for $1 on May 13, 2011

Amid the active expansion of fifth-generation mobile networks in Armenia, a rise in fraud activity has been recorded. Scammers, posing as employees of telecommunications companies, offer to “upgrade settings” or “activate 5G” using phone commands.

The assets of Armenia's banking system continue to dominate the country's financial system, accounting for approximately 82% of total assets, or approximately 12 trillion drams, said Martin Galstyan, Chairman of the Central Bank.

Last week, the Armenian financial market focused on bank restructuring mechanisms, the tax model for bank dividends, the regulatory agenda, comments from international financial institutions, and the development of financial literacy.

Armenia's banking system is adequately capitalized and has sufficient liquidity buffers, stated Central Bank Governor Martin Galstyan.

The Central Bank of Armenia has warned citizens of a new wave of telephone fraud.