Armenia’s state debt in the first half of 2025 amounted to 5,323 billion Armenian drams or $13,852 million, Finance Minister Vahe Hovhannisyan reported at the parliamentary committee on finance and budget during a session on the state budget execution.
Compared with the previous year, public debt increased by 4.5% in dram terms, and by 7.9% when expressed in U.S. dollars. The difference is attributed to exchange rate changes: as of end‑2024 one U.S. dollar equaled 396.6 drams, while on June 30, 2025, it was 384.3 drams.
Government debt rose by 4.8%, whereas the Central Bank’s debt decreased by 2.2%. The nominal value of state debt was AMD 5,323 billion and USD 13,852 million.
The minister said that risks related to government debt remain within reference limits. In H1 2025 the weighted average interest rate stayed at the end‑2024 level, about 7.2%.
In terms of structure, domestic debt dominated, comprising 52% of total debt; external debt made up the remaining 48%. In terms of currency, drams debt had a share of 51%, versus 49% in foreign‑currency debt.
