ArmInfo. From September 8 to 12, 2025, ruble transactions were actively conducted in Armenia's interbank foreign exchange market, rather than dollar transactions. Euro transactions have not been conducted for the fourth month.
Specifically, the trend of dollar transactions shifted from a significant growth of 8.6 times towards a 42% decline, while the trend of ruble transactions went from a 24% decline to a 75% growth. This resulted in the weekly volume of ruble transactions once again surpassing dollar transactions by 2.1 times, whereas the previous week saw dollar transactions prevailing over ruble ones by 1.4 times. In the interrbank foreign exchange market during the reporting week (08-12.09.25 compared to 01-05.09.25) the trend of buying and selling dollars started to decline. The buying of euros accelerated sharply when the sales trend went from a decline to an increase, and in ruble transactions the acceleration of the decline in buying was accompanied by a slowdown in sales growth.
As a result, from September 8 to 12 of this year, the dram continued to weaken against the dollar from AMD 382.5 to AMD 383.5 /$1, against the euro - from AMD 445.5 to AMD 449 drams/1 EUR, while continuing to strengthen against the ruble from AMD 4.68 to AMD 4.51 /1 RUB. On September 12, 2024, the dram exchange rate to the dollar was AMD 387.8 / $ 1, to the euro - AMD 428.5 / 1EUR, and to the ruble - AMD 4.24 / 1 RUB. This indicates an annual revaluation of the dram to the dollar, and a devaluation to the euro and ruble compared to the current rates. According to the Central Bank of the Republic of Armenia, ruble transactions were carried out daily in the interbank foreign exchange market from September 8 to 12 of this year, and dollar transactions were carried out only three times. Both "appeared" simultaneously on Monday and Thursday-Friday (September 8, 11 and 12). As a result, the total weekly volume of dollar transactions amounted to $ 5 million with an average rate of AMD 383.50 / $ 1 (compared to AMD 383.35 / $ 1 a week earlier). The total weekly volume of ruble transactions amounted to 875 million rubles with an average rate of AMD 4.56 /1RUB (compared to AMD 4.75/1RUB a week earlier). The maximum identical volumes of dollar transactions "appeared" on Thursday and Friday (September 11 and 12) - $2 million each, and the largest volume of ruble transactions occurred on Monday (September 8) - 250 million rubles.
In the interbank foreign exchange market from September 8 to 12 of this year, compared to the previous week (01-05.09.25), the trend of buying and selling dollars reversed from 53-23.4% growth towards 23- 26% decline. The growth of buying euros accelerated from 2% to 27.1% with the sales trend moving from 18.4% decline to 32% growth. For ruble transactions, the acceleration of the decline in buying from 7.2% to 16% was accompanied by a slowdown in sales growth from 23% to 15%. As a result, during the reporting week, $172.5 million was purchased at an average rate of AMD 381.44r/$1, 47.97 million euros at an average rate of AMD 444.84 /1EUR, and 7.2 billion rubles at an average rate of AMD 4.54/1RUB. Additionally, $160.4 million were sold at an average rate of AMD 383.77/$1, 56.9 million euros at an average rate of AMD 451.47/1EUR, and 3.8 billion rubles at an average rate of AMD 4.63/1RUB. The largest sales volumes of dollars and euros occurred on Friday (September 12 - $36.9 million and 15.4 million euros), the maximum volume of ruble purchases was recorded on the same day (September 12 - 1.7 billion rubles), and the largest volume of dollar purchases and ruble sales occurred on Wednesday (September 10 - $42 million and 1.1 billion rubles).The maximum volume of euro purchases occurred on Thursday (September 11 - 16.1 million euros).
According to the Central Bank of the Republic of Armenia, in the first half of 2025, the Central Bank made interventions in the foreign exchange market in February-June for a total of $749.4 million with the exchange rate strengthening from February AMD 394.19 to June AMD 384.03 /$1, and these were only purchase operations. In the interbank foreign exchange market in the first half of 2025, $3.3 billion, 1.01 billion euros and 382.9 billion rubles were purchased, and $5.2 billion, 1.7 billion euros and 92.9 billion rubles were sold. This formed the purchase rate in the interbank foreign exchange market in June at AMD 382.67r/$1, AMD 437.29/1EUR and AMD 4.84 /1 RUB, and the sale rate at AMD 385.71/$1, AMD 444.45/1 EUR and AMD 4.94/1 RUB compared to AMD 394.84 /$1, AMD 413.75/1 EUR, and AMD 3.84/1RUB for buying, and AMD 398.16/$1, AMD 420.09/1EUR, AMD 3.97/1 RUB for selling in December 2024. In the first half of 2025, dollar transactions worth $311.5 million and ruble transactions worth 20.1 billion rubles were made in the interbank foreign exchange market, while euro transactions were made only in February-March and May for a total of 1.9 million euros. This was accompanied by a weakening of the dram against the ruble in the interbank foreign exchange market to AMD 4.86 /1 RUB in June, and a strengthening against the dollar to AMD 384.65 $1, from December 2024's AMD 3.84/1 RUB and AMD 396.1 /$1, respectively.
In the interbank foreign exchange market for this period, the largest volume of dollar transactions was made in January ($81 million), ruble transactions in May (7.7 billion rubles), and euro transactions in February (1 million euros). The currency exchange platform, after eight years of "silence", resumed its operations in June 2024 and 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 to AMD 387.75 /$1 in October. In November-December 2024, the foreign exchange exchange platform was empty. Then in 2025, in the first half of the year, dollar transactions for $6.8 million were carried out on the foreign exchange platform, accompanied by the strengthening of the dram from AMD 398.75 in January to AMD 384.21/$1 in June. The foreign exchange platform was active during the reporting six months, "highlighting" the maximum monthly volume in June - $3 million.
Let us recall that ruble transactions on the Armenian interbank currency market started on March 14, 2022, and from that moment until the end of the year, transactions worth 8.7 billion rubles were made, and another 17.5 billion rubles for the whole of 2023. This was accompanied by a weakening of the dram against the ruble in the interbank foreign exchange market in March-December 2022 from AMD 4.86 to AMD 5.8 / 1 RUB. However, there was a strengthening of the dram against the ruble to AMD4.47 / 1 RUB by the end of 2023 and further to AMD 3.84 / 1RUB by the end of 2024. Starting in 2025, the dram has again begun to weaken against the ruble, returning to the initial exchange rate of the ruble in the interbank foreign exchange market - AMD 4.86/1RUB by the end of the first half of the year.
