ArmInfo. From September 16 to 23, in the Armenian interbank foreign exchange market there was a noticeable decrease in dollar transactions, along with rise in ruble transactions.
Euro transactions saw a resumption during this time period. Moreover, there were two dollar transactions, two euro transactions in the interbank foreign exchange market during the reporting week, and three transactions in rubles. The platform was completely empty on Thursday and Friday. By the end of the week, the trend in dollar transactions reversed from a 2.4-fold increase to an 83.5% decline, while the trend in ruble transactions shifted from a 54.2% decline to a 2.5-fold increase. As a result of the increased activity in ruble transactions, their total weekly volume significantly surpassed the weekly volume of both dollar transactions (3.6 times) and euro transactions (5 times). During the reporting week (16-20.09.24 compared to 09-13.09.24), dollar purchases increased while the decline in sales slowed down in the intra-bank foreign exchange market, the euro purchase-sale trend turned towards growth, and the decline in ruble purchase-sale slowed down significantly.
As a result, from September 16 to 20, the AMD continued to strengthen against both the US dollar - from AMD 386.8 to 386.5 /$1, and the ruble - from AMD 4.25 to 4.17 /1 ruble, while setting itself up for devaluation against the euro - from AMD 428.5 to 432 /1 euro. A year earlier, on September 20, the dram exchange rate to the dollar was AMD 387.5 /$1, to the euro - AMD414 /1 euro, and to the ruble - AMD 4.0 /1 ruble, which, compared to the current rates, indicates an annual devaluation of the dram against the euro and the ruble, with a revaluation against the dollar.
According to the Central Bank of the Republic of Armenia, there were two dollar transactions, two euro transactions, and three ruble transactions in the foreign exchange market from September 16 to 20 this year. Moreover, trading was conducted in these three currencies on Monday and Wednesday, only in the ruble on Tuesday, and the platform was empty on Thursday and Friday. As a result, during the reporting week, dollar transactions were concluded for a total of $3 mln at an average rate of AMD 387.47 dr/$1 compared to AMD 387.42 /$1 the previous week), the total volume of ruble transactions amounted to 1 bln rubles at an average rate of AMD 4.24 /1RUB (compared to AMD 4.25 /1RUB the previous week), and euro transactions were concluded for a total of 2 mln euros at an average rate of AMD 430.42 /1EUR. During the reporting week, the peak volume of dollar and euro transactions occurred on Monday (September 16) - $2 mln and 1.2 mln euros, and the maximum volume of ruble transactions occurred on Wednesday (September 18) - 500 mln rubles.
From September 16 to 20, there was a significant shift in the interbank foreign currency market, compared to the previous week (09-13.09.24), the trend of buying dollars saw a 5.6% decline turn into a 36% growth, while the decline in sales slowed from 22% to 9.8%, the trend of buying and selling euros changed from a 33.1-7.5% decline to a 18.8-30.4% growth. Ruble transactions remained in decline, but the rates slowed down from 36.8-27.8% to 9.3-7.8%. As a result, during the reporting week, $177.6 mln was bought at an average rate of AMD 385.94 /$1, over 35.4 mln euros at an average rate of AMD 426.79 /1EUR, and 8.9 bln rubles at an average rate of AMD 4.20 dr/1RUB. $156.4 mln were sold at an average rate of AMD 388.48 /$1, 76.8 mln euros at an average rate of AMD 433.93 /1EUR, and 2.98 bln rubles at an average rate of AMD 4.28 /1RUB. The highest volume of dollar purchases occurred on Wednesday (September 18 - $51.7 million) with a maximum of sales on Tuesday (September 17 - $37.96 mln), for euro transactions, the highest purchase volume also occurred on Tuesday (September 17 - 8.8 mln euros) with a maximum of sales on Thursday (September 19 - 44.1 mln euros). In ruble transactions, the largest purchase volume was recorded on Monday (September 16 - 2.6 bln rubles) with the highest sales on Thursday (September 19 - 812.8 mln rubles).
In the first half of 2024, the CBA made $366,5.5mln interventions in Armenia's foreign exchange market only in April-June, with only purchase transactions effected ($20mln in April, $136.5mln in May, $100mln in June). The AMD/USD exchange rate was AMD 388.87/$1 this May against AMD 386.60/$1 last September, when purchase translations were last effected, with greater depreciation against December 2022 (AMD 393.50/$1). In the first half of 2024, in the interbank foreign exchange market, purchases totaled $3.02 bln, EUR 741.5mln and RUB 450.6 bln, and sales totaled $4.9 bln, exceeded EUR 1.95bln and RUB 155.9blm, which formed the following buying rates in June 2024: the AMD 386.27/$1, AMD 414.07/EUR 1 and AMD 4.37/RUB 1 against AMD 402.72/$1, and AMD 437.90/EUR 1 and RUB 4.43/1 RUB in December 2023. The selling rates were as follow: AMD 389.58/$1, AMD, 421.33/EUR 1, and AMD 4.4/RUB 1 against AMD 406.14/$1, AMD 445.57/EUR 1 and AMD 4.5/RUB 1 in December 2023. In the interbank foreign exchange market in January-July 2024, dollar transactions totaled $384.6 mln, 18.6 bln in rubles, and 27.1 million euros. (with no transactions in EUR in June). The AMD strengthened against the ruble to July's AMD 4.41 / 1 ruble, against the dollar to AMD 388.74 / $ 1 and against the euro to AMD 421.18 / 1 euro, from December 2023, respectively, AMD 4.47 / 1 ruble, AMD 405.62 / $ 1 and AMD 444.30 / 1 euro.
On the interrbank foreign exchange market, the largest volume of ruble transactions (4.5 bln) was made in June, and dollar and euro transactions in January ($ 92.7 mln and 11.7 mln euros). The currency exchange platform, after eight years of "silence", made a comeback in June-July 2024 by conducting dollar transactions for a total of $7.9 mln, leading to a slight devaluation of the AMD from June AMD 388.90 to July 388.91 /$1. Let us recall that RUB transactions on the foreign exchange interbank of Armenia started on March 14, 2022, with RUB 8.8bln transactions effected until the end of that year, with RUB 17.5bln transactions effected in 2023. This was accompanied by AMD depreciation against the RUB in March-December 2022 - AMF 4.86 to AMD 5.8/RUB 1, with AMD appreciation against the RUB to AMD 4.47/RUB 1 by the end of 2023. The foreign exchange stock market has remained idle for the eight year.
