Dollarization of loans and deposits

Dollarization is the share of foreign currency in the savings and borrowing of people and companies in Armenia. This metric shows two measures for each month since January 2012: the share of foreign-currency deposits in residents' total deposits, and the share of foreign-currency loans in residents' total loans.

In August 2026 foreign currency made up 32.0% of deposits and 31.7% of loans. In January 2012 the shares were 61.4% and 59.6%.

Both shares peaked in 2015-2016, deposits at 66.8% in August 2015 and loans at 64.4% in February 2016, and have fallen since. At the end of 2020 foreign currency made up 43.4% of deposits and 48.7% of loans, and at the end of 2024, 36.3% and 30.9%. The lowest share of deposits was 31.5% in July 2026, and the lowest share of loans 30.5% in February 2025.