YEREVAN, January 12. /ARKA/. The first full working week of 2026 in the Armenian financial market was marked by regulatory decisions, relative stability in the foreign exchange market, and growth in capital market indicators. Financial compliance, exchange rate dynamics, stock market development, and the implementation of social reforms were the focus.
1. Financial Compliance: Expanding the Automatic Exchange of Information Regime
The Armenian government approved a bill ratifying an amendment to the Multilateral Agreement on Automatic Exchange of Financial Information. The document aims to expand international tax cooperation and improve the transparency of financial flows.
For banks, this means updating KYC/AML procedures and updating data on clients’ tax residency, beneficiaries, and account ownership structures. In the short term, the burden on compliance departments and IT systems increases, while in the medium term, regulatory and reputational risks when working with international partners are reduced.
For clients, the importance of properly documenting transactions and updating client profiles in a timely manner is increasing.
2. Central Bank of Armenia Exchange Rates: Euro Weakens, Dollar Stable
According to the Central Bank of Armenia, the euro exchange rate against the dram weakened from January 5th to 9th, while the dollar remained near previous levels.
• EUR/AMD: from 445.99 to 443.92
• USD/AMD: from 381.55 to 381.21
The euro’s dynamics reflect changes in foreign exchange markets, while the dollar exchange rate remained relatively stable.
For companies with euro-denominated obligations, this means a change in the dram value of contracts even with a stable dollar, which requires consideration of the structure of currency flows.
3. Capital Markets: Growth of the Armenian Securities Exchange’s Capitalization
The market capitalization of the Armenian Securities Exchange (AMX) increased by 6.29% in December 2025, reaching approximately 467 billion drams.
This indicator reflects the change in the value of instruments traded on the exchange at the end of the month. For banks and brokers, this creates the preconditions for expanding capital markets operations, and for issuers, potentially more favorable conditions for entering the market.
At the same time, the further development of this segment remains dependent on the liquidity of the secondary market and the emergence of new issues.
4. Payments Market: ArCa 2% Cashback Rules Clarified
The Ministry of Finance of Armenia has clarified the list of transactions for which the 2% cashback is not accrued on ArCa payment system cards. The clarifications concern specific categories of payments and are aimed at ensuring uniform application of the program rules. This clarification requires banks to more clearly communicate the terms of their loyalty programs and influences customer expectations regarding cashless payments.
5. Insurance: The practical implementation phase of universal health insurance has begun
The practical implementation phase of universal health insurance has begun in Armenia. Relevant authorities have begun monitoring the readiness of medical institutions and the system’s infrastructure.
The reform is moving from the regulatory to the operational stage, which has implications for the insurance market and related financial services. Full rollout of the system is planned for stages between 2026 and 2028.
Weekly Summary
The week of January 5-11 showed that Armenia’s financial market is entering 2026 in institutional adjustment mode.
Currency dynamics remain subdued, the regulatory agenda is focused on transparency and compliance, the capital market is showing growth, and social insurance reforms are moving toward practical implementation.
