From September 15- 19, 2025, there was a notable increase in dollar  transactions  in Armenian interbank foreign exchange market

ArmInfo. From September 15 to 19, 2025, there was a significant increase in dollar  transactions in the Armenian interbank foreign exchange market, while  ruble transactions saw a decrease. Euro transactions have been on  hold for over four months. Specifically, the trend in dollar  transactions shifted from a 42% decline to a significant 2.2-fold  increase, while the trend in ruble transactions shifted from a 75%  increase to a 22% decline. This resulted in the weekly dollar volume  surpassing  ruble transactions by 1.3 times, whereas the previous  week's trend was the opposite: ruble transactions exceeded dollar  transactions by 2.1-fold. Meanwhile, in the interbank foreign  exchange market during the reporting week (September 15-19, 2025  compared to September 8-12, 2025),  there was a continued decline in  dollar buying and selling, a reversal from growth to decline in the  euro buying and selling trend, and an increase in ruble buying,  Alongside a decline in selling.

As a result, from September 15 to 19, the dram strengthened against  the dollar from AMD 383.5 to AMD 382.5/ 1$, while continuing to  weaken against the euro, from AMD 449 to AMD 450 drams/1 EUR, and set  for devaluation against the ruble, from AMD 4.51 to AMD 4.57/RUB.  A  year earlier, on September 19, 2024, the dram exchange rate to the  dollar was AMD 386.8/$1, to the euro - AMD 431.5 /1EUR, and to the  ruble - 4.17 /1 RUB, which, compared to current rates, indicates an  annual revaluation of the dram to the dollar, and a devaluation to  the euro and ruble.

According to the Central Bank of the Republic of Armenia, four ruble  transactions and only three dollar transactions were conducted in the  interbank foreign exchange market from September 15 to 19 of this  year, both transactions occurring simultaneously on Monday and  Tuesday (September 15 and 16). As a result, the total weekly volume  of dollar transactions amounted to $11 million at an average exchange  rate of AMD 383.97 /$1 (compared to AMD 383.50 /$1 the week before),  while the total weekly volume of ruble transactions amounted to 685  million rubles at an average exchange rate of AMD 4.60/RUB (compared  to AMD 4.56 /RUB the week before). The maximum volume of dollar  transactions occurred on Monday (September 15) - $6 million, while  the largest volume of ruble transactions occurred on Friday  (September 19) - 350 million rubles.

In the intrerbank foreign exchange market from September 15 to 19 of  this year, compared to the previous week (09/08-12/25), the decline  in dollar purchases and sales slowed from 23-26% to 2-9%. The euro  buy and sale trend reversed from 27.1-32% growth to 32.3-24% decline,  and for ruble transactions, the buying trend went from a 16% decline  to 15% growth, accompanied by a reversal of the sales trend in the  opposite direction - from 15% growth to 33.2% decline. As a result,  during the reporting week, $169.9 million was purchased at an average  rate of AMD 381.71 drams/$1, 32.5 million euros at an average rate of  AMD 447.65s/1EUR, and 8.3 billion rubles  at an average rate of AMD  4.56/1RUB. Additionally, $146.3 million was sold at an average rate  of AMD 383.99/1$, 43.5 million euros at an average rate of AMD 454.46  /1 EUR, and 2.5 billion rubles at an average rate of AMD 4.66/1RUB.  The highest dollar and euro sales volumes occurred on Tuesday  (September 16 - $35.7 million and 11.4 million euros), with the  highest euro purchase volume recorded the following day (September 17  - 8.4 million euros). The highest dollar, ruble purchases and sales  volumes occurred on Friday (September 19 - $42.96 million, 2.1  billion rubles, and 739.9 million rubles).

According to the Central Bank of Armenia, in the first seven months  of 2025, the Central Bank intervened in the foreign exchange market  in the amount of $886.9 million from February to July, strengthening  the exchange rate from AMD 394.19 drams/$1 in February to AMD  384.06/$1 in July. These were solely purchases.

In the interbank foreign exchange market, over the first seven months  of 2025, over $4 billion, 1.2 billion euros, and 457.7 billion rubles  were purchased, while $6.5 billion, 1.98 billion euros, and 106.4  billion rubles were sold. This resulted in a purchase rate at  AMD  382.71/$1, AMD 445.07/1EUR, and AMD 4.85 /1 RUB in the interbank  foreign  foreign exchange market in July, and a sale rate of AMD  385.37 /$1, AMD 452.45/1EUR, and AMD 4.91 /1RUB, compared to the  December 2024 rates of AMD 394.84 /$1, AMD 413.75 /1 EUR, and AMD  3.84/1RUB for purchases, and AMD 398.16 /$1, AMD 420.09 /1EUR, and  AMD 3.97/1RUB for sale.

In the first 7 months of 2025, dollar transactions totaling $366.7  million and ruble transactions totaling 22.55 billion rubles were  carried out in the interbank foreign exchange market, while euro  transactions totaling 1.9 million euros were carried out in  February-March and May. This was accompanied by a weakening of the  dram against the ruble in the interbank foreign exchange market,  reaching AMD 4.88 /1 RUB in July and a strengthening against the  dollar to AMD 384.12/1$, compared to AMD 3.84 /1RUB and AMD 396.1  /1$r in December 2024. In the interbank foreign exchange market for  this period, the largest volume of dollar transactions was completed  in January ($81 million), ruble transactions in May (7.7 billion  rubles), and euro transactions in February (1 million euros). After  eight years of "silence," the currency exchange platform resumed its  operations in June 2024. Over the five-month period (June- October),  dollar transactions totaling $14.7 million were conducted,  accompanied by a strengthening of the dram from AMD 388.9 /$1 in June  to AMD 387.75 $1 in October. In November-December 2024, the foreign  exchange platform was idle. Then, in 2025, over the seven months of  2025, dollar transactions totaling $10.1 million were conducted on  the foreign exchange platform, accompanied by a strengthening of the  dram from AMD 398.75/$1 in January to AMD 384.09/$1 in July. The  currency exchange market was active during the seven months under  review, reaching its peak monthly volume in July - $3.3 million.

Recall, ruble transactions in the Armenian interbank currency market  started on March 14, 2022, and from that point until the end of the  year, transactions totaling 8.7 billion rubles were executed, with an  additional 17.5 billion rubles for the entire 2023. This was  accompanied by a weakening of the dram against the ruble in the  interbank foreign exchange market from March to December 2022, from  AMD 4.86 to AMD 5.8/1RUB. However, the dram subsequently strengthened  against the ruble to AMD 4.47/1RUB by the end of 2023 and further to  AMD 3.84/1RUB by the end of 2024. However, since 2025, the dram has  once again begun to weaken against the ruble. By the end of the first  half of the year, it had returned to the initial exchange rate of the  ruble in the interbank foreign exchange market - AMD 4.86 /1RUB.