Martin Galstyan, the head of Armenia’s Central Bank, announced that the country’s banking assets, loans and other income, now surpass its gross domestic product. He made the statement at the annual congress of the Union of Banks of Armenia, Sputnik Armenia reported.
According to Galstyan, while the ratio stood at only 20% in the early 2000s, today banking assets have exceeded the size of Armenia’s GDP.
He noted that over the years, key institutions have been established in the financial system, including the Deposit Guarantee Fund, credit bureau, payment and settlement infrastructure, the office of the financial ombudsman, and mechanisms for consumer protection.
Galstyan stressed that banks must continue building on this foundation, expand infrastructure, manage rising economic and political risks effectively, and undergo digital transformation. This, he said, requires flexibility and innovative approaches.
In 2024, the total volume of banking system assets reached 11.035 trillion drams ($28.7 billion), compared to a GDP of 10.127 trillion drams ($26.3 billion).
