YEREVAN, March 9. /ARKA/. The past week in the Armenian financial market was marked by the publication of macroeconomic data, capital market activity, and the continued regulatory adjustment of the payment infrastructure. For the market, the week saw a combination of stable currency benchmarks, institutional changes in the payments environment, and increased activity on exchanges.
1. Monetary Environment: Inflation in February was 4.3%
According to the Statistical Committee of Armenia on March 4, 12-month inflation in February 2026 was 4.3%, while prices increased by 0.5% compared to January.
In practice, this may mean that financial market participants continue to operate within the established inflation environment, which is used as a benchmark when making decisions on fund placement, pricing financial products, and liquidity management.
2. Foreign Exchange Market: Dram Maintains Stable Position
According to the Central Bank of Armenia, on March 6, the official exchange rate for the US dollar was 377.31 drams, the euro 436.81 drams, and the Russian ruble 4.7767 drams. According to the Armenian Statistics Committee’s report released on March 4, the average dram-dollar exchange rate in February was 377.6 drams, compared to 395.6 drams a year earlier.
This dynamic ensures the maintenance of moderate exchange rate volatility, facilitating settlement planning and foreign exchange position management for financial institutions and businesses.
3. Banks and acquiring: POS transaction fees are being adjusted.
According to a decision by the Central Bank of Armenia, effective March 1, certain business entities with an annual turnover of up to 150 million drams will be subject to maximum fees for non-cash card transactions through physical POS terminals: 0.5% for ArCa cards and 0.9% for Visa and Mastercard cards issued by Armenian banks. On March 4, the Union of Banks of Armenia announced that technical issues are possible during the initial implementation phase, and banks will refund any excess fees.
The significance of this decision may indicate the operational adaptation of acquiring services to the new limits and the further expansion of the non-cash payment infrastructure in the small and medium business segment.
4. Banking Security: The Central Bank Warns of Fraud Posing as Regulator
On March 3, the Central Bank of Armenia reported cases of fraud: scammers posing as regulator employees send letters or phone calls to citizens urging them to transfer funds to other accounts. The Central Bank emphasized that the regulator does not make such calls and does not provide banking services to individuals.
The regulator urged citizens not to disclose personal or banking information to anyone and, if contacted, to contact their servicing bank. Examples of forged documents used by fraudsters were also published.
For the banking sector, this could be a signal to strengthen communications with clients and increase attention to financial security issues. For the market as a whole, such warnings may signal the need for additional monitoring of transactions and informing clients about the risks of fraud.
5. Capital Markets: AMX Records Growth in Capitalization and Turnover
According to data released by the Armenia Stock Exchange on March 6, stock market capitalization increased by 6.53% year-on-year in February, reaching approximately 478 billion drams. Exchange-traded stock volume increased by 520%, reaching approximately 427 million drams, with 166 transactions.
On the primary market for government bond auctions, placement volume in February exceeded 34 billion drams, while 114 transactions totaling over 39 billion drams took place on the secondary market for government securities. Corporate bond trading volume increased by 38%, reaching approximately 14 billion drams.
These data indicate that the organized capital market continues to function as a platform for attracting and redistributing financial resources, alongside bank lending.
6. Social Payments and Banking Infrastructure: Transition to Cashless Completion
Minister of Labor and Social Affairs Arsen Torosyan announced on March 4 that the data of approximately 10,000 pensioners will be automatically distributed among four Armenian banks, taking into account branch availability. Beginning April 1, 2026, pensions and social benefits in the country must be paid exclusively in cashless form. Agreements with banks have already been signed, and the process of issuing and delivering bank cards to recipients has begun. Applications for transferring banks will not be accepted from March 5 to April 1.
For banks, this could mean connecting to a new client segment and expanding the use of payment infrastructure. For the market as a whole, the transition of social payments to a cashless format could increase the share of transactions processed through bank accounts and card payment systems.
Weekly Summary
Taken together, the events of the past week demonstrate the confluence of three key processes: the publication of macroeconomic indicators, increased activity in the organized capital market, and the further institutional adjustment of the payment and banking infrastructure. An additional feature of the week was the regulator’s communication on financial security issues and warnings about fraudulent schemes, reflecting the growing importance of customer protection and transparency in financial transactions.
