Bond market should be a pillar, not the end goal, of Armenia's capital market development – Ministry of Economy
30.03.2026,
18:13
The bond market is viewed as a pillar of development, not the end goal. It should contribute to the formation of a more balanced and multi-segmented structure of the entire Armenian capital market, stated Hasmik Zakaryan, Head of the Financial Infrastructure Development Department at the RA Ministry of Economy, in an interview with ARKA news agency.
YEREVAN, March 30. /ARKA/. The bond market is viewed as a pillar of development, not the end goal. It should contribute to the formation of a more balanced and multi-segmented structure of the entire Armenian capital market, stated Hasmik Zakaryan, Head of the Financial Infrastructure Development Department at the RA Ministry of Economy, in an interview with ARKA news agency.
According to her, data from recent years shows that the capital market in Armenia has developed particularly in the corporate bond segment: both the number of issues, the market value, and secondary trading activity have increased.
This, Zakaryan noted, has formed a certain foundation for further development.
"Discussions and analysis are currently underway to understand the structure of the market development model in the coming years. "Possible development directions for both the bond and stock markets, stimulating the involvement of non-bank issuers, and increasing secondary market liquidity are being discussed," she said, explaining that final priorities will be determined based on the results of the ongoing diagnostic and interdepartmental discussions.
The Head of the Financial Infrastructure Development Department also noted that, at this stage, discussions are focused on ensuring the bond market does not remain a separate, growing segment, but rather becomes a driving force for the overall deepening of the capital market.
"For this, not only issue volumes are important, but also an increase in the share of non-bank issuers, an expanded investor base, and secondary market liquidity," Zakaryan added.
Previously, Central Bank of Armenia Chairman Martin Galstyan stated that the Ministry of Economy, as one of the key drivers of capital market development policy, should help determine its development model and approach to risk allocation.
The full version of the interview can be found at this link.
According to her, data from recent years shows that the capital market in Armenia has developed particularly in the corporate bond segment: both the number of issues, the market value, and secondary trading activity have increased.
This, Zakaryan noted, has formed a certain foundation for further development.
"Discussions and analysis are currently underway to understand the structure of the market development model in the coming years. "Possible development directions for both the bond and stock markets, stimulating the involvement of non-bank issuers, and increasing secondary market liquidity are being discussed," she said, explaining that final priorities will be determined based on the results of the ongoing diagnostic and interdepartmental discussions.
The Head of the Financial Infrastructure Development Department also noted that, at this stage, discussions are focused on ensuring the bond market does not remain a separate, growing segment, but rather becomes a driving force for the overall deepening of the capital market.
"For this, not only issue volumes are important, but also an increase in the share of non-bank issuers, an expanded investor base, and secondary market liquidity," Zakaryan added.
Previously, Central Bank of Armenia Chairman Martin Galstyan stated that the Ministry of Economy, as one of the key drivers of capital market development policy, should help determine its development model and approach to risk allocation.
The full version of the interview can be found at this link.
