ArmInfo. In Armenia's interbank foreign exchange market, dollar transactions surged from September 29 to October 3, 2025, while ruble transactions saw a slight increase.
Euro transactions have remained stagnant for six months. Specifically, the trend for dollar transactionsreversed a 68.2% decline to a significant 4.1-fold increase, while ruble transaction growth slowed from 6% to 3.4%. This resulted in the weekly dollar transaction volume reclaiming its 1.6-fold lead over ruble transactions, reversing the previous week's trend where ruble transactions outperformed dollar transactions by 2.5 times. Meanwhile, in the interbank foreign exchange market during the reporting week (September 29-October 3, 2025 compared to September 22-26, 2025), there was an increase in dollar purchases while the sales trend decreased. Euro purchases saw a sharp increase while the sales trend declined. In ruble transactions, there was an increase in purchases along with continued double-digit sales growth.
As a result, from September 29 to October 3, the dram weakened slightly against the dollar, from 382.3 to 382.5 drams per US dollar, also setting itself up for devaluation against both the euro, from 448 to 449 drams per euro, and the ruble, from 4.54 to 4.65 drams per ruble. A year earlier, on October 3, 2024, the dram exchange rate against the dollar was 386.5 drams/$1, against the euro - 428.5 drams/?1, and against the ruble - 4.08 drams/?1. Compared to current rates, 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, from September 29 to October 3 of this year, three dollar transactions and four ruble transactions were conducted in interbank foreign exchange market, with both transactions occurring simultaneously on Monday, Wednesday, and Friday (September 29, October 1 and 3). The interbank foreign exchange market was completely empty on Tuesday (September 30). As a result, the total weekly dollar transaction volume amounted to $14.5 million at an average exchange rate of AMD 383.56/$1 (compared to AMD 383.54 /$1 the previous week). The total weekly ruble transaction volume amounted to 750 million rubles at an average exchange rate of AMD 4.67 /RUB (compared to AMD 4.59 /RUB the week before). The maximum dollar transaction volume occurred on Monday (September 29) at $6 million, while the largest ruble transaction volume occurred on Wednesday (October 1) at 350 million rubles.
In the interbank foreign exchange market from September 29 to October 3 of this year, compared to the previous week (22-26.09.25), the trend for buying dollars shifted from a 30.4% decline to a 23.2% growth, while the trend for selling reversed from a 2% growth towards a 12.1% decline. The growth in euro purchases accelerated from 18% to 36.2% with a reversal in the sales trend from a 29.2% growth to a 9.4% decline. For ruble transactions, the buying trend changed from a 16% decline to a 22% growth while the sales growth rate remained at 17.2%. During the reporting week, $145.6 million was purchased at an average rate of AMD 381.40/$1, 52.1 million euros at an average rate of AMD 445.24 drams/EUR, and 8.4 billion rubles at an average rate of AMD 4.62 dr/1RUB. Additionally, $130.6 million were sold at an average rate of AMD 383.79/$1, 50.9 million euros at an average rate of AMD 451.58 /1EUR, and 3.4 billion rubles at an average rate of AMD 4.71 dr/RUB. The largest volumes of purchases and sales of dollars and euros occurred on Tuesday (September 30 - $37.1 million, $34.6 million, 22.7 million euros, 11.2 million euros). The maximum volume of ruble purchases was recorded on September 30 - 1.8 billion rubles, and the largest volume of ruble sales occurred on Thursday (October 2 - 1.1 billion rubles). 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
