Armenian interbank foreign exchange market inactive in first week of  2025

ArmInfo.January 7 to 10, 2025, in Armenia's foreign exchange market, only one  USD transaction was effected, with no ruble or euro transactions taking place.  USD transactions showed a 64% decline against a 31% growth in the last week of December 2024.  During the period under review against the  previous week (07-10.01.25 compared to 23-27.12.24) USD and RUB  purchases and selling  showed a decline, with EUR  purchases  showing  a growth, with EUR sales showing a decline. January 7 to 10, 2025,  saw AMD depreciation against the USD - AMD 396.8 to AMD 398/$1, AMD  devaluation against the RUB - from AMD 3.83 to AMD 3.89 /1 ruble,  with an AMD devaluation trend toward the EUR - from AMD 416 to AMD  412.8/1 EUR.  On January 10, 2023, the AMD/USD exchange rate was AMD  406.3/$1, AMD/EUR exchange rate - AMD 443.5/1 EUR, and AMD/RUB - AMD  4.50/1 RUB, which is evidence of y/y AMD appreciation against the  USD, EUR, and RUB. According to the Central Bank of the Republic of  Armenia, $2 million transactions were effected at an average exchange  rate of AMD 398.50 /$1 (against AMD 396.63/$1 the previous week). 

January 7 to January 10, 2025, against the previous period (December  23-27-24), in Armenia's intrabank foreign exchange market , the trend  of buying and selling dollars reversed from 12-14.8% growth towards  51.3-46.8% decline, the trend of buying and selling rubles also  reversed from 87-45% growth towards 72.8- 76.2% decline. For euro  transactions, the reversal of the buying trend from 1.5% growth  towards 46.8% decline was accompanied by an acceleration of the  decline in sales from 29% to 46.6%. As a result, during the reporting  week, $89.9 million was purchased at an average rate of AMD 395.14  /$1, 22.1 million euros at an average rate of AMD 406.16/1EUR, and  4.5 billion rubles at an average rate of AMD 3.70 /1RUB, and $138.2  million were sold at an average rate of AMD 398.24 /$1, 32 million  euros at an average rate of AMD 415.40r/1EUR, and 2.1 billion rubles  at an average rate of AMD3.79 /1RUB. 

The largest volume of dollar purchases were reported on Tuesday  (January 7 - $26.6 million) with a maximum of sales on Friday  (January 10 - $39.1 million), the maximum volume of euro purchases  and sales occurred on Tuesday (January 7 - 7.5 million and 9 million  euros), and for ruble transactions, the largest purchase volume was  recorded on Friday (January 10 - 2.6 billion rubles) with a maximum  of sales on Thursday (January 9 - 811.8 million rubles).  

In January-October, 2024, the CBA made $705.5mln interventions in  Armenia's foreign exchange market only in April-October, with only  purchase transactions effected ($20mln in April, $136.5mln in May,  $100mln in June and $110mln in July, $132.3mln in August, $119mln in  September, and $97.7mln in October). In the case of purchase  transactions the AMD exchange rate saw depreciation to AMD 388.03/$1  in October 2024 against AMD 386.60/$1 in September 2023, when  purchase translations were last effected, with greater depreciation  against December 2022 (AMD 393.50/$1). 

In January-October, 2024, in the intrabank foreign exchange market,  purchases totaled $5.4bln, over EUR 1.3bln and RUB 683.7bln, and  sales totaled $8.2bln, EUR 3.1bln and RUB 222.1bln, which formed the  following buying rates in October 2024: the AMD 385.78/$1, AMD  419.2/EUR 1 and AMD 4.00/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 388.36/$1, AMD, 425.63/EUR 1, and AMD 4.08/RUB 1  against AMD 406.14/$1, AMD 445.57/EUR 1 and AMD 4.5/RUB 1 in December  2023.

In January-October, 2024, on the interbank foreign exchange market,  $883.4 mln, EUR 13.2mln, RUB 35.7bln transactions and EUR 46.8mln  (with no EUR transactions effected in June 2024) were effected, which  was accompanied by AMD appreciation against the RUB to AMD 4.02/RUB  1, against the USD, AMD 387.94/$1 and against the EUR, AMD 431.78/EUR  1, in October 2024, against AMD 4.47/RUB 1, AMD 405.62/$1 and EUR  444.30/EUR 1 respectively in December 2023.  The largest volume of  USD and EU transactions ($195.3mln and EUR 14.4mln) was recorded in  September 2024, with the largest volume RUB transactions recorded  this August (RUB 7.2bln).  This June, after an 8-year-long interval,  the foreign exchange stock market resumed operation and saw  $14.718mln transactions (in June-October), accompanied by AMD  appreciation - AMD 387.75/$1 this October against AMD 389.85/$1 this  June.

RUB transactions on the interbank foreign exchange market of Armenia  started on March 14, 2022, with RUB 8.7bln 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 - AMD 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