YEREVAN, March 2. /АРКА/. Last week on the financial market of Armenia was quite active and included the publication of the international risk assessment of financial stability, the disclosure of annual indicators of credit organizations and the development of the debt segment on AMX. The agenda for the week also contained information on the expansion of the number of insurance companies ready to start preparing for the universal system of medical insurance and a message on the clarification of income declaration parameters. As for the currency market, it functioned throughout the week in the mode of moderate fluctuations of official rates.
1. Currency market. dollar and euro exchange rates are in a stable range
According to the data of the Central Bank of Armenia, during February 23-27, exchange rates demonstrated moderate volatility. The US dollar exchange rate was in the range of 376.97-377 drams, the euro rate was in the range of 444.71-444.78 drams, the Russian ruble exchange rate fluctuated in the corridor of 4.9091-4.8809 drams.
Keeping exchange rates in a narrow range can support current liquidity conditions and reduce operational costs for currency risk management.
2. Capital market. new bond issues of the corporate and banking segment
New debt instruments were launched on the Stock Exchange of Armenia. Company Global Shipping LLC (Globbing) on February 24 conducted a listing of dram bonds in the amount of 1.5 billion. drams with a yield of 12% per year for 36 months and dollar bonds of $2 million… with a yield of 8.25% for a period of 36 months.
In addition, on February 25, Unibank announced the listing of perpetual bonds. three tranches totaling 6.5 billion drams and $9 million. The coupon for dram bonds for the first three years is set at the level of 13.75%, for dollar bonds – 8.3%, with subsequent calculation based on the SOFR interest rate after three years.
Activation of listings can increase the depth of the capital market, expand the tools of investors and strengthen the competition between bank lending and public debt financing.
3. Credit organizations. profit, assets and credit-leasing portfolio
According to the official reporting of credit organizations, analyzed by the “ARKA” news agency, the total net profit of the Bank of Armenia in 2025 amounted to 56.87 billion. drams, increasing by 2.9 times by 2024. Total assets of the sector at the end of last year amounted to about 860 billion. drams with a growth of 11.9%, and the credit-leasing portfolio almost reached 660 billion. drams, showing an increase of approximately 14% compared to 2024.
The increase in profits, assets and financing portfolio indicates the preservation of the role of credit organizations as an additional channel of financing business and households along with the banking sector.
4. Financial stability. S&P assesses risks as contained
The international rating agency S&P Global Ratings in its report assessed the risks to the financial stability of Armenia as moderate. The assessment notes the good capitalization and high profitability of the banking system, and also indicates the 20% annual growth of lending in connection with consumer and mortgage lending.
Characterising risks as contained can support the institutional resilience of the sector and create a stable basis for operations in the debt and interbank segments.
5. Insurance. three more companies have joined the universal medical insurance initiative
According to the Ministry of Health, on February 25, three more insurance companies of Armenia – “Armenia Insurance”, “REGO Insurance” and “Nairi Insurance” joined the initiative to prepare for the implementation of the universal system of medical insurance. Thus, the number of participants of the initiative expanded, covering a large part of the insurance market.
Expanding the circle of participants can strengthen competition in the insurance segment and determine the parameters of future interaction between insurers, medical institutions and financial institutions.
6. Tax system. simplification of the procedure of declaration of income
On February 26, the Government of Armenia made a decision to simplify the system of declaration of income of individuals. Correction of procedures and expansion of automated data exchange in order to facilitate the submission of declarations are foreseen.
Simplification of procedures can reduce the administrative burden on citizens and contribute to improving the quality of data used by financial institutions when servicing clients.
7. Pension system. The Ministry of Finance assessed the risks of increasing payments
On February 27, the Deputy Minister of Finance of Armenia, Arman Pogosyan, reported that the risk of increasing pensions has been assessed, and the fiscal space for the corresponding payments is characterized as stable. In his opinion, the Ministry of Finance does not see any fiscal risk. The assessment of the stability of the fiscal space can reduce the uncertainty regarding the budget obligations and support the stability of the expectations of the public debt market participants.
Results of the week
The week passed under the sign of the institutional assessment of the stability of the financial system and the expansion of instruments on the capital market. Publication of international rating S&P, disclosure of annual indicators of credit organizations and activation of bond placements outlined the space for the professional segment of the market.
At the same time, the expansion of the participation of insurance companies in preparation for universal medical insurance and the simplification of income declaration procedures marked the movement towards the structural adjustment of the social and tax infrastructure. The market regime remains stable, with emphasis on institutional stability and development of funding instruments.
