In Armenia`s interbank foreign exchange market, dollar transactions  increased from September 29 to October 3, 2025, while ruble  transactions grew slightly

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