ArmInfo. From November 3 to 7, 2025, both dollar and ruble transactions began to decline in the Armenian interbank foreign exchange market. Euro transactions have not been conducted for over five months. Specifically, the trend for dollar transactions shifted from a significant 2.3-fold increase to a 53% decline. This trend was also observed for ruble transactions, which also shifted from a 25% increase to a 37.3% decline. As a result, the weekly volume of dollar transactions maintained its dominance over ruble transactions, with the gap narrowing from 2-fold to 1.3-fold.
In the intrabank foreign exchange market, the trend of dollar and ruble purchases and sales reversed from growth to decline during the reporting week (November 3-7, 2025, compared to October 27-31, 2025), and euro transactions saw a decline in purchases while sales growth slowed. As a result, from November 3-7, the dram weakened against the dollar, from AMD 383.5 to AMD 383.8 per US dollar, while continuing to strengthen against the euro, from AMD 443 to AMD 440 drams per euro, and set for appreciation against the ruble, from AMD 4.71 to AMD 4.67 per ruble. A year earlier, on November 7, 2024, the dram exchange rate against the dollar was AMD 387.5/$1, against the euro - AMD 418.5/1 EUR, and against the ruble - AMD 3.96/1RUB. 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 November 3 to 7, 2025, three dollar transactions and three ruble transactions were effected in the interbank foreign exchange market, with both dollar and ruble transactions occurring simultaneously on Tuesday (November 4). As a result, the total weekly dollar transaction volume amounted to $7.5 million at an average rate of AMD 382.72 /$1 (compared to AMD 382.96 /$1 the week before). The total weekly ruble transaction volume amounted to 470 million rubles at an average exchange rate of AMD 4.71/1RUB (compared to AMD 4.79 /1 RUB the previous week). The highest dollar transaction volume was recorded on Monday (November 3) at $5 million, while the largest ruble transaction volume occurred on Friday (November 7) at 250 million rubles.
In the interbank foreign exchange market from November 3 to 7 of this year, the trend of buying and selling dollars reversed from 23-11% growth towards 15-4% decline, compared to the previous week (27- 31.10.25). The same trend reversal was noted for buying and selling rubles - from 27.4-30.5% growth towards 18-11.1% decline, and for euro transactions, the buying trend reversed from 77.3% growth towards 42% decline with a slowdown in sales growth from 3.5% to 2%. As a result, during the reporting week, $151.2 million was purchased at an average rate of AMD 381.41/$1, 30.2 million euros at an average rate of AMD 436.80 /1EUR, and 7.6 billion rubles at an average rate of AMD 4.68 drams/1 RUB. Additionally, $173.6 million were sold at an average rate of AMD 383.66 /$1, 50.8 million euros at an average rate of AMD 444.08 /1 EUR, and 3.4 billion rubles at an average rate of AMD 4.78/1 RUB. The largest dollar purchases and sales volumes occurred on Monday (November 3 - $35.3-43.5 million), followed by the maximum euro purchases and sales volume on Tuesday (November 4 - 7.4-13.3 million euros). The largest ruble sales volume occurred on the same day (November 4 - 1.2 billion rubles), and the maximum ruble purchase volume occurred on Friday (November 7 - 1.999 billion rubles).
According to the Central Bank of Armenia, over the first 8 months of 2025, the Central Bank intervened in the foreign exchange market in February-August for a total of $1.069 billion, strengthening the exchange rate from AMD 394.19 /$1 in February to AMD 383.49 /$1 in August, and these were only purchase operations. Over $4.6 billion, 1.4 billion euros and 25, 2 roubles were purchased in the interbank foreign exchange market in the first 8 months of 2025, while $7.5 billion, 2.3 billion euros and 119,6 roubles were sold. This resulted in a buying rate of AMD 381.91 /$1, AMD 441.62 /1 euro, and AMD 4.77/1 RUB in the interbank foreign exchange market in August, and a selling rate of AMD 384.39 /$1, AMD 448.27/1 EUR, and AMD 4.84 /1RUB, compared to the December 2024 rates of AMD 394.84/$1, AMD 413.75/1EUR, and AMD 3.84 /1 RUB for buying, and AMD 398.16 /$1, AMD 420.09 /1EUR, and AMD 3.97 /1 RUB for selling.
In the first 8 months of 2025, there were dollar transactions totaling $398.6 million ,ruble transactions totaling 25,2 billion rubles and euro transactions totaling 1.9 million in the interbank foreign exchange market, with euro transactions carried out in February-March and May. During this period, the dram weakened against the ruble in the interbank foreign exchange market, reaching AMD 4.77 /1 RUB in July and strengthened against the dollar to AMD 383,7/1$, 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.
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, accompanied by a strengthening of the dram from 388.90 AMD/$1 in June to 387.75 AMD/$1 in October. In November- December 2024, the currency exchange platform was idle. Then, in 2025, over the eight-month period, dollar transactions totaling $15.9 million were conducted on the currency exchange platform, accompanied by a strengthening of the dram from 398.75 AMD/$1 in January to 383.26 AMD/$1 in August. The currency exchange market was active during the eight months under review, reaching its peak monthly volume in August - $5.8 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
