Information Disclosure Is a Key Condition for Capital Market Development – Armenian Ministry of Economy
30.03.2026,
18:16
Regular and comparable disclosure of information is a key condition for capital market development, 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/. Regular and comparable disclosure of information is a key condition for capital market development, stated Hasmik Zakaryan, Head of the Financial Infrastructure Development Department at the RA Ministry of Economy, in an interview with ARKA news agency.
"Proper risk assessment by investors is only possible when there is sufficient, understandable, and comparable information on companies' activities and their financial condition. From this perspective, the quality and availability of information directly influences trust in the market," she said.
At the same time, according to Zakaryan, it is important that such requirements be proportionate and applicable, ensuring both a sufficient level of information and the practical implementation of the market entry process.
In response to a question about measures that could both simplify companies' entry into the bond market and provide investors with more comprehensive, regular, and comparable information about issuers, the head of the department explained that various options are being discussed in this regard: simplification of procedures, standardization of information, digitalization, and the development of market participants' capabilities.
On March 17, in response to a question from ARKA news agency about whether the regulator plans to strengthen disclosure requirements or issuers' financial indicators to mitigate these risks for the market, Martin Galstyan stated the need to closely monitor issuers' information when issuing bonds.
In December 2025, the head of the Central Bank noted that the volume of bonds issued by financial and non-financial institutions in Armenia exceeds 700 billion drams, slightly exceeding planned figures.
Galstyan stated that the leverage ratio (the degree of debt load – ed.) for bonds issued by partners in the real sector is quite high – approximately 17-19%. He stated that investors should be vigilant and pay closer attention to certain financial indicators, as leverage implies a certain risk.
The full interview can be found at the link.
"Proper risk assessment by investors is only possible when there is sufficient, understandable, and comparable information on companies' activities and their financial condition. From this perspective, the quality and availability of information directly influences trust in the market," she said.
At the same time, according to Zakaryan, it is important that such requirements be proportionate and applicable, ensuring both a sufficient level of information and the practical implementation of the market entry process.
In response to a question about measures that could both simplify companies' entry into the bond market and provide investors with more comprehensive, regular, and comparable information about issuers, the head of the department explained that various options are being discussed in this regard: simplification of procedures, standardization of information, digitalization, and the development of market participants' capabilities.
On March 17, in response to a question from ARKA news agency about whether the regulator plans to strengthen disclosure requirements or issuers' financial indicators to mitigate these risks for the market, Martin Galstyan stated the need to closely monitor issuers' information when issuing bonds.
In December 2025, the head of the Central Bank noted that the volume of bonds issued by financial and non-financial institutions in Armenia exceeds 700 billion drams, slightly exceeding planned figures.
Galstyan stated that the leverage ratio (the degree of debt load – ed.) for bonds issued by partners in the real sector is quite high – approximately 17-19%. He stated that investors should be vigilant and pay closer attention to certain financial indicators, as leverage implies a certain risk.
The full interview can be found at the link.
