ArmInfo. Institutional investors are active in Armenia's dram state debt market and currently hold 10% of its total volume, as stated by Martin Galstyan, the Governor of the Central Bank of Armenia, during a press conference on May 25.
He drew attention to the situation years earlier, when the dram-denominated segment of state debt lacked reputable, high-profile international institutional players. According to Galstyan, the impact of these institutional investors cannot be overstated, as their market activity is precisely what keeps the yields on Armenian government bonds relatively low. He noted that interest rates have decreased to just above 8%, compared to a 4.4% yield on 10-year US Treasuries.
"Is this a strong indicator? I believe it is. We must continue working consistently in this direction to ensure that the presence of foreign investors in the domestic debt market keeps growing. This brings not only capital but also financial expertise, and it introduces internal discipline into our macroeconomic policy management agenda," Martin Galstyan noted.
According to official statistics, Armenia's total state debt exceeded $14.7 billion as of April 1, 2026. External debt accounted for $7.2 billion (approximately 2.7 trillion drams), while domestic debt stood at $7.5 billion (exceeding 2.8 trillion drams).
