Armenian banks have maintained strong capital and liquidity buffers, Fitch Ratings reports. 

Fitch Ratings has revised the Outlook on Armenia's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BB-'. 

“Banks have maintained strong capital and liquidity buffers, with profitability remaining high despite the normalisation of extraordinary Russian financial inflows. Dollarisation continues its gradual decline, with deposit dollarisation falling to around 43.3% in November 2025 supported by regulatory measures and increased confidence in the dram”, the report reads.