YEREVAN, July 27. /ARKA/. Armenia’s financial agenda last week was determined by the banking sector’s first-half results, changes in the money transfer sector, and exchange rate dynamics.
A new corporate bond issue and a list of exchanges considered when applying the new rules for taxing bank dividends were introduced to the capital market.
At the same time, the expansion of digital payment services and the practical implementation of the universal health insurance system continued.
1. Banking sector: profit and assets maintained growth
The combined net profit of Armenia’s 17 operating banks for the first half of 2026 amounted to AMD 219.72 billion, an increase of 9.48% compared to the same period last year. All banks ended the half-year with a profit. Bank assets at the end of June amounted to 13.84 trillion drams, an increase of 19.15% year-on-year, while loan investments amounted to 8.56 trillion drams (an increase of 23.56%). Total capital reached 2.23 trillion drams, an increase of 13.63% year-on-year.
The data reflects the expansion of banking operations and lending, while positive financial results were maintained at all banks in the country.
2. Foreign Exchange Market: The dollar exchange rate remained virtually unchanged over the week.
The average settlement exchange rate for the US dollar was 365.93 drams on July 20, and 365.87 drams on July 24. Thus, over the period under review, the American currency depreciated by 0.06 drams.
At the end of July 24, the euro exchange rate was 416.43 drams, a decrease of 0.86 drams over the day. The Russian ruble rose by 0.0228 drams to 4.6763 drams.
The stability of the dollar limited the scope of short-term revaluation of dollar assets and liabilities, while more significant changes in the euro and ruble were important for settlements in these currencies.
3. Money Transfers: GOLDEN CROWN Restricts Several Transfer Destinations
According to Russian media, the GOLDEN CROWN payment system has restricted transfers from Russia to Armenia, Georgia, Kazakhstan, and several other countries after RNKO Payment Center, the system’s operator and settlement center, was included on the EU sanctions list.
The customer support service confirmed the unavailability of some transfer routes but did not provide a full list of countries, the reasons for the restrictions, or a timeframe for lifting them. The operator made no official statement regarding the complete cessation of transfers to Armenia.
The restrictions reduced the availability of one of the money transfer channels from Russia, forcing clients to use alternative payment systems and banking services.
4. Payments and Fintech: T-Bank Launches QR Payments in Armenia
T-Bank customers can now pay for purchases in Armenia using a QR code via a mobile app. The service is available commission-free at most retail locations, and rubles are converted to drams at the bank’s internal exchange rate at the time of the transaction.
The maximum purchase amount is the equivalent of 1 million rubles. The service is available to the bank’s customers—citizens of Russia and countries the bank considers friendly.
This tool expands cashless payment options for foreign customers and the use of mobile apps for cross-border retail payments.
5. Capital Markets: ML Fashion Places 500 Million AMD Bonds
ML Fashion LLC announced the public issue of registered coupon bonds, organized by the investment company Cube Invest. The program prospectus was registered by the decision of the Chairman of the Central Bank of Armenia dated July 8, 2026.
The total issue size is 500 million drams, with a coupon rate of 13% per annum and a maturity of 36 months. The placement will run from July 29 to 4:30 PM on August 20, 2026.
The issue expands the company’s offering of corporate dram-denominated bonds and provides the company with a market-based financing tool.
6. Dividend Taxation: List of 42 Exchanges Approved
The Armenian government has approved a list of 42 stock exchanges whose listings will be taken into account when applying a differentiated taxation regime for dividends on bank shares. The list includes exchanges in Armenia, several EU and Asian countries, Russia, the United States, Canada, Australia, and New Zealand.
From July 1 to December 31, 2026, a differentiated procedure for calculating state duty is also provided for such dividends. The legislative amendments under discussion provide for a 15% rate for certain dividends on bank shares not listed on the approved exchanges.
The decision establishes the list of trading platforms that will be used to determine the tax regime for bank dividends. 7. Universal Health Insurance: Over 762,000 People Have Used Services
The number of beneficiaries of the universal health insurance system reached approximately 1.8 million as of June. 762,404 people used the insurance package, while another 35,961 beneficiaries received medications only.
In the first six months, reimbursements for services rendered amounted to 102.4 billion drams. The Fund’s average expenditure per beneficiary who used services excluding medications reached 61,000 drams in June.
Expanding the use of the insurance package increases the volume of settlements between the Universal Health Insurance Fund and medical organizations and the importance of cost control.
Weekly Summary
The week showed that Armenia’s financial market maintains its institutional adjustment regime amid growing banking operations and stable dollar exchange rate dynamics. The banking system closed the first half of the year with increases in profits, assets, and the loan portfolio, while digital payments and the corporate debt market continued to develop.
The primary focus has shifted to the availability of cross-border transfer channels, bank capital dynamics, and dividend taxation adjustments. The focus remains on the quality of the loan portfolio, the availability of payment services, and the financial administration of the universal health insurance system.
