The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
The Armenian dram is the currency of Armenia. It was historically subdivided into 100 luma. The Central Bank of Armenia is responsible for issuance and circulation of dram banknotes and coins, as well as implementing the monetary policy of Armenia.
BTA Bank is a Kazakhstan bank with headquarters in Almaty. As of 2013 it was the third largest lender by assets. In 2009, BTA Bank was subject of one of the world's biggest financial frauds totaling US$5 billion.
The Central Bank of Armenia is the central bank of Armenia with its headquarters in Yerevan. The CBA is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The CBA is also the sole owner of the Armenian Mint.
Telecom Armenia OJSC is an Armenian broadband and telecommunications company. Telecom Armenia, an integrated telecommunications services operator, is headquartered in Yerevan.
Tigran Sureni Sargsyan is an Armenian political figure who was Prime Minister of Armenia from 2008 to 2014. Previously he was Chairman of the Central Bank of Armenia from 1998 to 2008. After leaving office as prime minister, he served as ambassador to the United States from 2014 to 2016 and as chairman of the board of the Eurasian Economic Commission from 2016 to 2020.
Before the 2020 Nagorno-Karabakh war, the economy of the Republic of Artsakh was small, but rapidly growing. The economy of Karabakh showed a relatively quick and confident recovery from the 1991-1994 war. In 1999, the GDP figure was $59 million, 80 percent down on the figure in Soviet times. Yet, the GDP of the Republic of Artsakh reached $114 million in 2005, double the figure in 2001, registering economic growth of 14% in 2005, and in 2009 it registered a GDP of $260 million, which increased to $320 million by 2010. Nagorno-Karabakh's GDP (PPP) for 2010 was estimated at $1.6 billion.
Ameriabank CJSC is an Armenian universal bank offering corporate, investment and retail banking services headquartered in Yerevan, Armenia.
The Armenian dram sign is the currency sign of the Armenian dram. In Unicode, it is encoded at U+058F֏ARMENIAN DRAM SIGN.
The Artsakh dram was a monetary unit of the de facto independent Republic of Artsakh, which was dissolved on 1 January 2024 in the aftermath of Azerbaijani offensive in Nagorno-Karabakh. Despite being legal tender, it was not as widely used as the Armenian dram.
Ardshinbank CJSC is an Armenian commercial bank. The full name of the bank is the "Industrial Construction Bank CJSC".
ArmSwissBank CJSC is a private and investment bank founded in Yerevan in February 2005 after receiving its banking license N84 from the Central Bank of Armenia. Shortly after, the bank was also granted a brokerage license and custody license to expand its activities. The bank collaborates with KfW and EBRD within the scope of renewable energy and corporate lending programs.
Savings Bank "Belarusbank" is the largest bank in Belarus that occupies leading positions in the Belarusian banking system by volume of equity, assets, loans, deposits.
Evocabank is an Armenian commercial bank with headquarters in Yerevan.
The electricity sector of Armenia includes several companies engaged in electricity generation and distribution. Generation is carried out by multiple companies both state-owned and private. In 2020 less than a quarter of energy in Armenia was electricity.
INECOBANK is one of the leading South Caucasus banks, headquartered in Yerevan, Armenia. The bank offers a full range of banking services, including digital banking services to individuals, SME and corporate clients. The bank was founded on February 7, 1996, licensed by CBA General banking license No. 85).
The Central Depository of Armenia (CDA) is the Central Depository of Armenia, established in 1996. The CDA is one of the oldest securities market institutions in the country and is headquartered in Yerevan. The Central Bank of Armenia is the regulatory body of the CDA. The CDA is a full member of the Federation of Euro-Asian Stock Exchanges.
Byblos Bank Armenia is an Armenian bank headquartered in Yerevan, offering banking services at four branches across the city. The Bank is a wholly owned subsidiary of the Lebanese Byblos Bank. It is one of 18 banks in Armenia supervised by the Central Bank of Armenia.
Karen Vardanyan is an Armenian businessman, philanthropist, owner of Grand Holding, and the youngest son of Hrant Vardanyan.
USD 145.2 mln (01.01.11)
