ArmInfo. From May 26 to May 30, 2025, there was a significant increase of dollar and ruble transactions in Armenia's interbank foreign exchange market. Additionally, euro transactions have resumed after more than two months of absence. Specifically, the weekly trend of ruble transactions not only continued to rise but also accelerated from 75% to 8.6 times. This acceleration was also observed for dollar transactions, with growth increasing from 12% to 37%. As a result, ruble transactions began to surpass dollar transactions by 6 times, while a week earlier the situation was the opposite and more modest, with the volume of dollar transactions exceeding ruble transactions by only 1.1 times.
During the reporting period (26-30.05.25 compared to 19-23.05.25), the trend of buying dollars and euros in the intra-bank foreign exchange market continued to decline, while sales of these currencies began to increase. In ruble transactions, both buying and selling started to grow.
As a result, from May 26 to May 30 of this year, the dram remained stable against the dollar at AMD 384.5 /$1, but showed signs of devaluation against the euro, increasing from AMD 434.5 to AMD 435.5/1EUR. It continued to weaken against the ruble, dropping from AMD 4.78 to AMD 4.83/1 RUB. A year earlier, on May 16, 2024, the exchange rate was AMD 387.5 /$1, AMD 420.5/1 EUR, and AMD 4.29 /1 RUB. This comparison to current rates indicates an annual revaluation of the dram against the dollar, and a devaluation against the euro and ruble.
According to the Central Bank of the Republic of Armenia, from May 26 to May 30, 2025, there were three ruble and dollar transactions in the interbank foreign exchange market, while euro transactions only occurred once (on May 27). No trading took place on May 28 as it was a non-working day. The total weekly volume of dollar transactions amounted to $13 million, with an average rate of AMD 384.29 /$1 (compared to AMD 384.81/$1 a week earlier). Ruble transactions amounted to 6.024 billion rubles with an average rate of AMD 4.83 1RUB (compared to AMD 4.77/1RUB a week earlier), and a single euro transaction totaled 150,000 euros with an average rate of AMD 436.40/1EUR. The highest volume of dollar transactions occurred on Friday (May 30) - $5 million, while the largest volume of ruble transactions was on Thursday (May 29) - 5.674 billion rubles.
In the intrabank foreign exchange market from May 26 to May 30 of this year, there was a significant shift in trends compared to the previous week (19-23.05.25). The decline in dollar purchases accelerated from 9.5% to 24.4% with the sales trend shifted from a 14.5% decline to a 6.5% increase. Similar patterns were observed in the trend of euro transactions, with a slight slowdown in the decline of purchases from 48.8% to 47.4%, and sales moving from a 16% decline to a 5.3% increase. Additionally, the trend for ruble purchase-sale reversed from a 17.8-24.4% decline to a 35.5-194% increase.
During the reporting period, a total of $105.8 million was purchased at an average rate of AMD 382.52 /$1, 27.9 million euros at an average rate of AMD 431.61 /1EUR, and over 22.9 billion rubles at an average rate of AMD 4.80r/1RUB, and $234.4 million were sold at an average rate of AMD 385.60 /$1, 83.6 million euros at an average rate of AMD 439.34 /1EUR, and 7.5 billion rubles at an average rate of AMD 4.87 /1RUB. The highest volume of dollar purchases and sales also occurred on Monday (May 26 - $32.7 million and $74.4 million.) The maximum volume of euro sales also occurred on the same day (May 26 - 24.8 million euros), while the largest euro purchase took place on Thursday (May 29 - 8.3 million euros). The largest volumes of ruble purchases and sales were recorded on the same day (May 29 - 10.1 billion and 5.8 billion rubles).
According to the Central Bank of the Republic of Armenia, in Q1 2025, the Central Bank intervened in the foreign exchange market in February and March alone for a total of $94 million. This intervention strengthened the exchange rate from AMD 394.19 /$1 in February to AMD 393.14/$1 in March, and these were only purchase operations. In Q1 2025, in the intra-bank foreign exchange market $1.5 billion, 444.5 million euros and 171.8 billion rubles were purchased, and $2.2 billion, 892.2 million euros and 51.1 billion rubles were sold. This resulted in the purchase rate on the intra-bank foreign exchange market in March being at the level of AMD 390.77r/$1, AMD 419.57 /1 euro and AMD 4.53r/1 ruble. The sale rate was at the level of AMD 394.14/$1, AMD 426.95/1EUR and AMD 4.65 /1 RUB, compared to December 2024 rates of AMD 394.84 /$1, AMD 413.75/1 EUR, AMD 3.84 /1RUB - for purchase, and AMD 398.16 /$1, AMD 420.09/1EUR, and AMD 3.97 /1RUB for sale.
In Q1 2025, the interbank foreign exchange market saw dollar transactions totaling $191 million and ruble transactions totaling 6.8 billion rubles, with euro transactions only occurring in February-March, totaling 1.7 million euros. This led to weakening of the dram against the ruble and euro, with rates reaching to AMD 4.54 /1 RUB and AMD 426.25/1 EUR by March. However, there was a slight strengthening against the dollar, with the rate at AMD 393.65/$1, compared to December 2024 rates of AMD 3.84/1 RUB, AMD 414.25/1 EUR and AMD 396.1/$1.
In the interbank currency market during this period, the largest volume of dollar transactions was made in January ($81 million), ruble transactions in March (2.95 billion rubles), and euro transactions in February (1 million euros). The currency exchange platform, after eight years of being inactive, resumed operations in June 2024. Over the course of five months (June-October) dollar transactions totaling $14.7 million were carried out. Leading to the strengthening of the dram from AMD 388.90 in June to AMD 387.75 drams/$1 in October. The currency exchange platform remained empty in November and December. In Q1 2025, dollar transactions amounting to $1.850 million were carried out on the currency exchange platform, resulting in the strengthening of the dram from AMD 398.75 in January to AMD 393.14 drams/$1 in March.
Recall that ruble transactions in the interbank foreign exchange market in Armenia started on March 14, 2022. From that point until the end of the year, transactions totaling 8.7 billion rubles were carried out, with additional 17.5 billion rubles for the whole of 2023. This led to a depreciation of the dram against the ruble in the interbank foreign exchange market from AMD 4.86 to AMD 5.8 drams/1RUBe in March-December 2022. However, there was a subsequent appreciation of the dram against the ruble, reaching AMD 4.47 /1 RUB by the end of 2023 and further improving to AMD 3.84 /1RUB by the end of 2024.
