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Top Insights

What Share of Mortgage Interest Payments Is Reimbursed through Income Tax Refunds?

According to a study conducted within the framework of the German Economic Team (GET) project by Berlin Economics and Modex of the mortgage subsidy programme,, based on the cohort of beneficiaries at the end of 2024, 48% of active mortgage loans receive a refund from the state budget covering 90%–100% of their interest payments. At […]

30 March, 2026

3 min read

How much will be refunded from the state budget to beneficiaries of the mortgage subsidy programme?

In 2015–2025, the total amount of income tax refunded from the state budget to beneficiaries of the mortgage subsidy programme, equivalent to the interest payments on mortgage loans, amounted to AMD 305 billion. According to a study conducted within the framework of the German Economic Team (GET) project by Berlin Economics and Modex, total refunds […]

25 March, 2026

4 min read

Armenian mortgage subsidy programme: description, implications and outlook

25 March, 2026

2 min read

Net profit of RA banks | Q1-Q3 2021/22

In January-September 2022, RA banks registered AMD 188 billion net profit, which is 3 times higher than last year. Ardshinbank registered the biggest profit with AMD 41.1 billion. All banks worked with profit, however, in the case of 3 out of 17 commercial banks, a decrease in net profit was recorded.

19.10.22

2 min read

Global Findex 2021 – Armenia

The Global Findex 2021 survey was conducted in Armenia among 1000 respondents aged 15+, face to face (between August 5 and December 12). The results of the survey show that In the last 12 months, 8.2% (±1.7%) of the RA population aged 15+ made a personal payment using a debit or credit card when making […]

04.07.22

3 min read