ArmInfo. Armenia's gross international reserves (GIR) increased by 41.2% year-on-year or $1.618 billion in April 2026, setting a new record of $5.544 billion, while in the same period of 2025 the growth was more modest, by 18.8% or $622.2 million, to $3.926 billion. In March alone, GIR increased slightly, by 0.4% (or $22.9 million), against a double-digit growth of 16.5% (or $554.7 million) a year earlier in the same month.
In the first quarter of this year, GIR growth slowed from 18.5% to 9%, while a year ago in the first quarter there was an acceleration in growth from 3.1% to 6.5%. This is evidenced by data from the Central Bank of Armenia. In particular, the annual growth of GMR in March 2026 was driven by a similar increase in external assets in foreign currency by 41.2% to $5.541 billion, with a decline in the share of SDRs in the IMF by 4.7% to $1.6 million, which was observed in the same period of 2025, when a more modest growth of the former by 19.1% was accompanied by a significant decline of the latter by 82.3%. It is worth recalling that over the past five years, the historical maximum was recorded in 2023. Namely, in August, both GMR and external assets in foreign currency reached a record level of $4.220 billion and $4.217 billion, respectively. This level was actually exceeded two years later, continuing to grow further. The historical maximum of the share of SDRs in the IMF was recorded in August 2021 - $178.2 million.
In the first quarter of this year alone. The growth of GMR stemmed from a slowdown in the growth of foreign assets in foreign currency from 18.6% to 9%, while the share of SDRs in the IMF reversed from a 50.2% decline to 19.2% growth. A year earlier, in the first quarter, the acceleration of growth of the former from 3.3% to 6.5% was accompanied by an acceleration in the decline of the latter from 3.8% to 15%.
According to the International Monetary Fund (IMF) forecast, Armenia's gross international reserves are expected to reach $4.297 billion in 2026, increasing to $4.489 billion in 2027. This will provide 3.4 months of import coverage in 2026, and slightly more coverage in 2027 - 3.5 months. Moreover, the IMF forecasts an improvement in import dynamics in 2026, reaching 2.1% growth (from an actual 23.6% decline in 2025 - Ed.), with a further acceleration in 2027 to 3.7%, expecting an increase in absolute value in these two years from $14.539 billion to $15.074 billion (against an actual $13.035 billion for 2025 - Ed.).
Armenia's gross international reserves (GIR) increased by 38% or $1.4 billion in 2025, reaching $5.086 billion, while in 2024 there was a weak growth of 2.2% or $76.2 million, reaching $3.685 billion. In particular, external assets in foreign currency increased by 38.1% to $5.085 billion, with a decline in the share of SDRs in the IMF by 32.1% to $1.3 million, while in 2024 there was a weak growth of the former by 2.1% and a jump in the latter by 4 times. It is worth noting that in August 2023, both the GIR and external assets in foreign currency reached a record high of $4.220 billion and $4.217 billion, respectively. This level was surpassed two years later, with subsequent monthly record-breaking and a continuation of this trend in 2026. The historical maximum of the SDR share in the IMF was recorded in August 2021 - $178.2 million. The share of bank gold in Armenia's GIR was reset to zero back in December 2003.
In April 2026, the IMF published a statement according to which, under a new Stand-By Arrangement (SBA), Armenia may receive the first stand-by facility from the International Monetary Fund in the amount of approximately $25.3 million (SDR 18.4 million) in June 2026. This SBA is subject to approval by the IMF Executive Board, which is scheduled for June of this year, which will open access to the above- mentioned tranche. As a result, the total available funds from the program's inception in December 2025 will amount to approximately $50.6 million (SDR 36.8 million). The SBA aims to support government policies and the reform program to maintain macroeconomic stability and ensure strong and sustainable growth.
Prior to this, in early December 2025, the IMF Executive Board approved a new three-year Stand-By Arrangement (SBA) with Armenia for a total of SDR 128.8 million, or approximately $175 million (100% of Armenia's IMF quota). Concurrently, the IMF completed the previous sixth review under the SBA, which was set to expire on December 11, 2025. The new SBA, viewed by the Armenian authorities as precautionary, aims to ensure continuity of government policies and the structural reform program to maintain macroeconomic stability, promote sustainable and inclusive growth, and provide protection against downside risks in an uncertain environment.
