ArmInfo. Armenia's gross international reserves (GIR) increased by 55.4% per annum or $2.4 billion by October 2026, setting a new record at $6.666 billion, while in the same period of 2025 the growth was more modest - by 20% or $715.7 million - to $4.289 billion. In September alone, GIR grew modestly - by 2% (or $133.7 million), against an insignificant growth of 1.1% (or $46.1 million) a year earlier in the same month. Over the 9 months of this year, GIR increased by 31.1% (or $1.6 billion), while a year ago, for the same period, a relatively modest growth of 16.4% (or $604.1 million) was recorded. This is evidenced by data from the Central Bank of the Republic of Armenia.
In particular, the annual growth of GMR in September 2026 was driven by a similar increase in foreign assets in foreign currency by 55.5% to $6.664 billion, while the share of SDRs in the IMF declined by 43.6% to $1.5 million, which was observed in the same period of 2025, when the former indicator showed a more modest growth of 20.3%, and the latter a more significant decline of 70.8%.
Over the first 9 months of this year, The growth of GMR was driven by a similar 31.1% increase in external assets in foreign currency, accompanied by a 13.2% increase in the share of SDRs in the IMF. This was also observed during the same period a year earlier, when a more modest 16.4% increase in the former was accompanied by a more significant 36.4% increase in the latter.
In Q3 2026, GMR dynamics maintained growth, accelerating from 6.4% to 13%, i.e., in absolute terms, this indicator increased by $767 million. This was accompanied by a similar acceleration in the growth of external assets in foreign currency, from 6.4% to 13%, while the share of SDRs in the IMF rose from a 28.1% decline to 32.2% growth. A year earlier, in Q3 2025, the acceleration of GMR growth from 3.1% to 6% was driven by a similar acceleration in growth of external assets in foreign currency, from 3.1% to 6%, and a sharp acceleration in the share of SDRs in the IMF, from 3.6% to 55%.
Moreover, in September of this year alone, growth in external assets in foreign currency slowed from 5.7% to 2.2%, while the decline in the share of SDRs in the IMF accelerated from 40% to 85.3%. A year earlier, in September 2025, the dynamics of these indicators were similar: a slowdown in the growth of external assets in foreign currency from 4.5% to 1.4% was accompanied by an accelerated decline in the share of SDRs in the IMF from 33% to 83%.
It should be noted that Armenia's gross international reserves (GIR) increased by 38%, or $1.4 billion, in 2025, to $5.086 billion, while in 2024 there was a weak growth of 2.2%, or $76.2 million, to $3.685 billion. Specifically, external assets in foreign currency increased by 38.1% to $5.085 billion, with a decline in the share of SDRs in the IMF by 32.1% to $1.3 million, while in 2024 there was a weak growth of 2.1%, and a fourfold jump in the latter. It is worth mentioning that in August 2023, both the GIR and external assets in foreign currency reached a record high of $4.220 billion and $4.217 billion, respectively, which was exceeded two years later, with further monthly record-breaking and a continuation of this trend in 2026. The historical maximum of the SDR share in the IMF was recorded in August 2021 - $178.2 million. The share of bank gold in Armenia's GIR was reset to zero back in December 2003.
As a reminder, the International Monetary Fund (IMF), under the new SBA (Stand-By Arrangement), opened Armenia's access to a Stand-By Credit facility in the first ten days of June 2026 in the amount equivalent to SDR 18.4 million (approximately $25.1 million), bringing the total available funds since the program's launch in December 2025 to SDR 36.8 million. (approximately $50.2 million). The SBA aims to support government policies and the reform program to maintain macroeconomic stability, promote sustainable and inclusive growth, and provide protection against downside risks in uncertain conditions.
Prior to this, in early December 2025, the IMF Executive Board approved a new three-year SBA (Stand-By Arrangement) with Armenia for a total of SDR 128.8 million, or approximately $175 million (100% of Armenia's IMF quota). Simultaneously, the IMF completed the previous sixth review under the SBA, which was set to expire on December 11, 2025.
