In Armenian interbank foreign exchange market, dollar transactions decreased while ruble transactions increased from July 7-11, 2025

ArmInfo. In the Armenian interbank foreign exchange market, there was a decrease in dollar transactions and a significant increase in ruble transactions from July 7 to July 11, 2025. Euro transactions have not been conducted for over a month.  Specifically, the weekly trend for ruble transactions shifted from a 48% decline to a 2-fold increase, while  dollar transactions went from a 3.5-fold increase to a 40-% decline. As a result, ruble transactions began to surpass dollar transactions again, but only slightly - by 1.1 times. Just a week prior,  dollar transactions had exceeded ruble transactions by 3.2 times.

During the reporting week (07-11.07.25 compared to 30.06-04.07.25), there was an increase in the purchase of dollars in the intra-bank foreign exchange market, which coincided with accelerated sales growth. The purchase of euros declined as sales growth accelerated.  In ruble transactions, the increase in purchases was accompanied by a slowdown in the decline of sales.

As a result, from 7 to 11 July, 2025, year the dram began to weaken both against the dollar - from AMD 383.8 to AMD 384.5/$1,  against the ruble - from AMD 4.83 to AMD 4.89/1 RUB, while strengthening against the euro  from AMD 450.5 to AMD 449.5/1EUR. Comparatively, a year earlier, on July 11, 2024, the dram exchange rate  was AMD 387.8/$1, AMD 420.5 /1EUR, and AMD 4.37 /1RUB. This 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,  there were two dollar transactions and four ruble transactions in the interbank foreign exchange market from July 7 to 11, 2025.  During the reporting week, the currency market was empty only on Wednesday (July 9), dollar and ruble transactions were conducted simultaneously only on Tuesday and Thursday (July 8 and 10), while on the remaining days only ruble transactions took place (Monday and Friday - July 7 and 11). As a result, the total weekly volume of dollar transactions was $13.5 million with an average rate of AMD 383.79 /$1 (compared to AMD 384.34 /$1 a week earlier). The total volume of ruble transactions was 1.1 billion rubles with an average rate of AMD 4.89r/1RUB (compared to AMD 4.88 /1RUB a week earlier). The maximum volume of dollar transactions "appeared" on Tuesday (July 8) - $11.5 million, and the highest identical volumes of ruble transactions occurred on Tuesday, Thursday and Friday (July 8, 10 and 11) - 300 million rubles each.

In the interbank foreign exchange market from July 7 to July 11 of this year, compared to the   previous week (June 30-July 4, 25), the dollar buying trend went from a 12.2% decline to a 15.8% growth with sales growth accelerating from 2.8% to 8.4%. The euro buying trend, on the contrary, shifted from a 21.5% growth towards a 24.7% decline with sales growth accelerating from 5% to 12.6%. In ruble transactions, the buying trend went from an 11.4% decline to a 35% growth, accompanied by a slowdown in sales decline from 38% to 13%.  As a result, during the reporting week, $184.9 million was purchased at an average rate of AMD 382.59 /$1, 32.95 million euros at an average rate of AMD 446.56r/1EUR, and 20.3 billion rubles at an average rate of AMD 4.87r/1RUB. Additionally, over $319.3 million was sold at an average rate of AMD 385.28 /$1, 55.9 million euros at an average rate of AMD 454.11 /1EUR, and 1.95 billion rubles at an average rate of AMD 4.96r/1RUB. The largest volumes of purchase and sale of dollars and euros occurred on Wednesday (July 9 - $71.5 million and $73.1 million, 8.1 million euros and 11.8 million euros), and the maximum volume of ruble purchases was recorded on Monday (July 7 - 4.8 billion rubles) with the maximum sales on Tuesday (July 8 - $452.9 million).

According to the Central Bank of the Republic of Armenia, in Q1 2025, the Central Bank only intervened in the foreign exchange market in February and March for a total of $94 million, strengthening the exchange rate from February's AMD 394.19 to March's AMD 393.14 /$.  These were solely purchase operations. In the intra-bank foreign exchange market in Q1 2025, $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.  In March, the purchase rates in the intra-bank foreign exchange market were AMD 390.77 /$1, AMD 419.57r/1 EUR and AMD 4.53/1 RUB. The sale rates were AMD 394.14 /$1, AMD 426.95/1 EUR and AMD 4.65/1 RUB. This is compared to December 2024 rates of AMD 394.84/$1, AMD 413.75 /1EUR, AMD 3.84 /1 RUB - for purchase, and AMD 398.16r/$1, AMD 420.09 /1EUR, AMD 3.97 /1RUB - for sale.

In Q1 2025, in the interbank foreign exchange market, dollar transactions totaling $191 million and ruble transactions totaling 6.8 billion rubles were made, while euro transactions were carried out only in February-March for a total of 1.7 million euros. This was accompanied by a weakening of the dram against the ruble and euro in the interbank foreign exchange market to AMD 4.54/1RUB  and AMD 426.25/1EUR in March, and a slight strengthening against the dollar to AMD 393.65/$1, from December 2024's AMD 3.84/1 RUB, AMD 414.25/1 EUR and AMD 396.1/$1, respectively. 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) in the interbank foreign exchange market for this period. The currency exchange platform, after eight years of "silence", resumed its operations in June 2024. In five months (June-October) dollar transactions were carried out for a total of $14.7 million, accompanied by the strengthening of the dram from AMD 388.90  in June and AMD 387.75 /$1 in October. In November- December, the currency exchange platform was empty. In Q1 2025, dollar transactions totaling $1.850 million were carried out on the currency exchange platform, accompanied by the strengthening of the dram from AMD 398.75 in January  to AMD 393.14/$1 in March.

 Let us recall that ruble transactions in the interbank foreign exchange market of 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 an additional 17.5 billion rubles expected for all  of 2023. This was accompanied by a weakening of the dram against the ruble in the interbank foreign exchange market dropping from AMD 4.86 to AMD 5.8 /1 RUB in March-December 2022. However, there was a reversal in this trend, with the dram strengthening against the ruble to AMD 4.47/1 RUB by the end of 2023 and further to AMD 3.84/1 RUB by the end of 2024.