Armenia’s stock market opens a route to Central Asia for investors
Investors from Armenia will gain access to exchanges in Kazakhstan and other Central Asian countries through the Armenia Stock Exchange (AMX), Ani Makaryan, chief executive of the Central Depository of Armenia (CDA), said at The Second Investment and Financial Forum in Armenia, Kursiv.media reports.
According to Makaryan, the CDA is expanding its toolkit beyond the domestic market. Access to regional venues comes through AMX’s cooperation with the Abu Dhabi stock exchange, which also opens Central Asian exchanges, including Kazakhstan’s.
The route works both ways. On May 29, 2026, the CDA and ITS Central Securities Depository Limited, the central depository of the ITS international trading venue, signed a depository cooperation agreement in Yerevan. It allows ITS participants to work with Armenian shares, corporate and government bonds traded on AMX. Such links give access to foreign securities through depository infrastructure, without a separate operating system in each country. Euroclear, Clearstream and DTC work on this model.
Foreign capital and currency risk
The CDA plans to develop a money market where foreign participants could place funds for short periods. Makaryan named currency risk as their main difficulty in entering the Armenian market.
Bond market
Hayk Yesayan, co-founder and Director of the Team group of companies, told the forum that Armenian investors are more familiar with bonds and potential investors need more information about the opportunities the stock market offers. The company held an IPO on AMX in 2023.
As of September 30, the corporate bond market on AMX totalled AMD 1.05 trillion (about $2.9 billion), according to the exchange. A total of 276 securities of 64 issuers are listed and admitted to trading.
