ArmInfo.From September 22 to 26, 2025, there was a decrease in dollar transactions in the Armenian interbank foreign exchange market, while ruble transactions experienced an increase.
Euro transactions have been on hold for over six months. Specifically, the trend in dollar transactions shifted from a 68.2% decline to a significant 22.5-fold increase, while ruble transactions shifted from a 22% decline to a 6% increase. This allowed the weekly volume of ruble transactions to regain its 2.5-fold advantage over dollar transactions, while the previous week the opposite was true: dollar transactions exceeded ruble transactions by 1.3 times. Meanwhile, in the interbank foreign exchange market during the reporting week (September 22-26, 2025 compared to September 15-19, 2025), the decline in dollar purchases accelerated while sales increased. The euro buying and selling trend reversed its downward trend and increased, while in ruble transactions, the decline in purchases was accompanied by an increase in sales.
As a result, from September 22 to 26, the dram continued to strengthen against the dollar, going from AMD 382.5 to AMD 382.3 / 1$, while it continued to weaken against the euro, dropping from AMD 450 to AMD 448 /1 EUR, and set for devaluation against the ruble, from AMD 4.57 to AMD 4.54/RUB. Comparing these rates to those from a year earlier, on September 26, 2024, where the dram exchange rate to the dollar was AMD 387.5/$1, to the euro - AMD 431. /1EUR, and to the ruble - 4.17 /1 RUB, it 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 ruble transactions and only three dollar transactions in the interbank foreign exchange market from September 22 to 26 of this year. These transactions took place simultaneously on Wednesday (September 24). As a result, the total weekly volume of dollar transactions amounted to $3,5 million at an average exchange rate of AMD 383.54 /$1 (compared to AMD 383.97 /$1 the previous week), while the total weekly volume of ruble transactions was 725 million rubles at an average exchange rate of AMD 4.59/RUB (compared to AMD 4.6 /RUB the previous week ). The maximum volume of dollar transactions occurred on Tuesday (September 23) - $2 million, while the largest volume of ruble transactions occurred on Wednesday (September 24) - 425 million rubles.
During the week of September 22 to 26 in the interbank currency market, there was a notable change in trends compared to the previous week (09/08-12/25). The decrease in dollar purchases and sales slowed from 2% to 30,4 9%. The euro buy and sale trend also shifted, going from a 32%-24% decline to a 18- 29% increase. For ruble transactions, the buying trend changed from a to 15% growth to 16% decline, while the sales trend reversed from 33.2% decline to 17.2% growth to.
In total, during the reporting week, $118.2 million was purchased at an average rate of AMD 381.46 drams/$1, 38,2 million euros at an average rate of AMD 446.53/1EUR, and 6,9 billion rubles at an average rate of AMD 4.65/1RUB. Additionally, $148.5 million was sold at an average rate of AMD 383.97/1$, 56,2 million euros at an average rate of AMD 453.10 /1 EUR, and 2.9 billion rubles at an average rate of AMD 4.65/1RUB. The highest dollar and ruble sales volumes were recorded on Monday (September 22 - $29.2 million, 745.8 million rubles ), while the highest euro purchase volume was on Wednesday (September 24 - 11,9 million euros, 1.6 billion rubles), with the maximum volume of euro sales recorded on Friday (September 26 - 16.9 million euros).
According to the Central Bank of Armenia, in the first seven months of 2025, the Central Bank intervened in the foreign exchange market with total 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 only purchases.
In the intrabank 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 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, there were dollar transactions totaling $366.7 million ,ruble transactions totaling 22.55 billion rubles and euro transactions totaling 1.9 million in the interbank foreign exchange market, with euro transactions carried out in February-March and May. During this period, the dram weakened against the ruble in the interbank foreign exchange market, reaching AMD 4.88 /1 RUB in July and strengthened against the dollar to AMD 384.12/1$, compared to AMD 3.84 /1RUB and AMD 396.1 /1$r in December 2024. 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 operations in June 2024.
Over the five-month period (June-October), dollar transactions totaling $14.7 million were conducted, with the dram strengthening 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, with the dram strengthening 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. From that point until the end of the year, transactions totaling 8.7 billion rubles were conducted, 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 mid-year mark, it had reverted to the initial exchange rate of AMD 4.86 /1RUB in the interbank foreign exchange market
