YEREVAN, January 12. /АРКА/. 2025 was a period of significant institutional and regulatory changes for the capital market of Armenia, as well as large deals and new instruments. Integration with the international financial markets was strengthened, the regulatory base was expanded – from crypto assets to insurance, and banks and infrastructure institutions reached a qualitatively new level.
The financial and banking portal Armbanks collected ten key events that determined the agenda of the Armenian capital market in 2025 and laid the foundation for its further development.
1. АМХ has officially joined the Tabadul platform
The joining of the Stock Exchange of Armenia (AMX) to the regional digital exchange platform Tabadul in May 2025 is intended to become a stimulus for bilateral trade between the exchanges-members of the platform, to expand strategic partnership and create new directions of regional cooperation for the convergence of capital markets and technological expansion, opening up new opportunities for attracting investments to Armenia.
2. Large transactions of Ameriabank with international financial institutions
In February, Ameriabank signed a long-term credit agreement of $200 million. with IFC.
Funds within the framework of the agreement, which is the largest ever signed between IFC and a financial institution in Armenia, are aimed at financing initiatives to prevent climate change, support micro, small and medium enterprises (MSMEs), as well as MSMEs owned by women.
In November, the EBRD approved a credit package of up to 150 mln. euro for Ameriabank, which will allow him to finance MSME, paying special attention to attracting regional clients and new borrowers. According to Ameriabank CEO Artak Anesyan, this transaction is the largest ever concluded with Ameriabank, and possibly the largest EBRD transaction concluded in Armenia to date.
3. Acba Bank released the first “talking” cards in Armenia
In March, Acba Bank started issuing Visa Signature Limited Edition cards with the image “Armenia. Panno” Martirosa Saryan. Premium cards, issued in a limited edition of 500 exclusive copies – the first in Armenia, for which innovative AR-technologies are used. The new and exclusive initiative of Akba Bank and Visa settlement and payment system combines Armenian art, innovative technologies and new banking experience, creating an opportunity to discover the cultural wealth of Armenia in a new way.
4. Approval of the law “About crypto assets”
The Law “On crypto-assets” entered into force in Armenia on July 4, 2025, and the development of by-laws is currently underway. The document establishes the rules for trading in crypto assets, providing services and supervising the market. Provisional regulatory mechanisms allow only verified and transparent companies to enter the market in order to protect the rights of buyers of crypto assets and increase confidence in the market.
5. The Central Depository of Armenia became a client of Euroclear Bank
On November 20, 2025, the management committee of Euroclear Bank approved the application of the Central Depository of Armenia (ЦДА) to obtain the status of a client of the bank. For TSA to become a client of Euroclear Bank – one of the largest international central depositories in the world, which stores assets with a market value of more than 40 trillion. euro – means expanding access to international financial markets, introducing the best services of international markets, significantly increasing the competitiveness of the Armenian capital market, increasing the recognition of the Armenian capital market for international investors.
6. Unibank was the first in Armenia to issue perpetual bonds
In December, Unibank placed the first non-term bonds in the Armenian market in two tranches with a total volume of 6.5 billion drams and $9 million. The coupon rate for dram bonds is 13.75% per annum, and for dollar bonds – 8.3% per annum. During the first three years, the yield will remain fixed, after which it will be calculated based on the SOFR rate for dollar bonds, and for drams – based on the yield of government bonds. At the end of the five-year period, the bank will be able to use the call option and buy bonds at nominal value.
7. Credit agreements of Ardshinbank with EBRD in the amount of more than $155 million
Ardshinbank and the European Bank for Reconstruction and Development (EBRD) signed three agreements in November for a total amount equivalent to more than $155 million as part of a new cooperation. The funds will be directed to the support of lending to micro, small and medium enterprises (MSME), expansion of financing of the green economy and development of infrastructure in the country.
Thanks to this financing under the EU4Business-EBRD credit line, Ardshinbank will become the first bank in Armenia to receive a targeted loan aimed exclusively at the economic integration of displaced persons.
8. Deferral of gas payment for clients who have suffered from financial fraud
Three banks of Armenia – ID Bank, Inecobank and Ardshinbank – as part of the search for interim solutions for clients who suffered from possible fraud, in May decided to postpone the payment of client obligations for a period of 3 to 5 years. Thus, IDi Bank will postpone repayment of obligations for 5 years, Inecobank – for 3 years, Ardshinbank – for 3 years.
9. New strategy for the development of the mandatory vehicle insurance in Armenia
The strategy for the development of the mandatory vehicle insurance sphere for 2025-2026, approved in Armenia at the beginning of 2025, provides for comprehensive measures to improve the quality of services provided. In particular, it is planned to increase the level of satisfaction of road traffic participants and injured persons; expansion of the framework of standardization and automation of partners of mandatory vehicle insurance; online information about medical services and decisions of law enforcement bodies; and also the formation of relevant resources in the Bureau of Auto Insurance for the implementation of the tasks.
10. Increase in “cashback” for recipients of pensions and social benefits
A decision has been made to increase the amount of cashback (cashback) for non-cash purchases from 12% to 20% for pensioners and benefit recipients from January 1, 2026, which will lead to an increase in actual payments.-0-
