Interest rates on loans and deposits

This metric shows the average interest rates that commercial banks in Armenia pay on deposits and charge on loans, in drams and in US dollars, for each month since January 2015. They are weighted averages for terms of up to one year, leaving out demand deposits and demand loans, for companies and households together.

In September 2026 dram loans cost 12.7% on average and dram deposits paid 7.8%, a gap of 4.9 percentage points. In US dollars the rates were 7.3% on loans and 2.5% on deposits.

In every month, rates in drams are above rates in dollars, and loans cost more than deposits pay. In January 2015 dram deposits paid 12.1% and dram loans cost 16.8%. Dram deposit rates peaked at 15.3% in May 2015 and dram loan rates at 19.2% in February 2016. Since then they have been lower: the lowest dram deposit rate was 7.2% in March 2020, and the lowest dram loan rate 10.4% in June 2021. Dollar deposit rates fell from 6.9% in August 2015 to 1.2% in February 2021.