“L’Armenia potrebbe diventare un piccolo snodo di transito”: economista sugli sviluppi intorno all’Iran

Interesting tidbit:

>After the start of the Russia-Ukraine conflict, Armenia received a significant inflow of capital from Russia. As a result, nearly half of the country’s 12.6% economic growth in 2022 came from the financial, banking and IT sectors. This directly reflects the inflow of capital and IT specialists into Armenia following sanctions imposed on Russia.
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>The situation now looks somewhat different. Capital is flowing in from three distinct directions. Inflows from Russia continue, but volumes have declined compared with 2022. Two new waves have emerged. A substantial amount of capital has been coming from Iran since September 2025, when currency outflows began there. A large share has ended up in Armenia, pushing economic growth to 7.2% by the end of the year. The initial forecast stood at 5.2%.
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>In addition, some capital is arriving from the Gulf states, especially the United Arab Emirates. Much of this capital is ultimately destined for Hong Kong. In practice, investors in the UAE are selling assets at lower prices with the aim of relocating them to Hong Kong. Part of this flow passes through Armenia
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>The expert [warns](https://armenpress.am/hy/article/1246356) that this inflow brings risks. Large volumes of dollar inflows are putting pressure on the national currency, the dram. The Central Bank is trying to offset this impact. Tavadyan says risk management is essential, as the dram could “sharply depreciate, as it did in 2008 and 2014”. At the same time, the inflow creates new opportunities.
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>“This could, above all, stimulate activity in the construction sector, which slowed somewhat in 2025,” he says.