Huge sums of money are flowing into Armenia through the banking system, which are later converted into loans. They enter the economy also through loans attracted by private companies and the purchase of Armenian bonds by institutional investors, governor Martin Galstyan of the Central Bank of Armenia (CBA) stated during a press conference Tuesday.

In his assessment, 15% of total debts is in the hands of institutional investors, such as Morgan Stanley and other organizations.

At the same time, Galstyan reported that in the first half of 2026, the total exports from Armenia decreased by 6.7%.

“If we look only at the trade balance, it has worsened; and taking into account this factor alone, the Armenian [national currency, the] dram should have depreciated, but this is not happening,” he noted.

Also, the CBA chief highlighted the factor of the influx of settlers from Russia to Armenia, who also bring money with them.

“We do not see the ‘shadow’ money; ‘shadow’ funds do not affect the overall picture,” added Martin Galstyan.