From November 17-21, 2025, dollar, ruble transactions in Armenian  interbank foreign exchange market decreased

ArmInfo. From November 17 to 21, 2025, both dollar and ruble transactions began to decline in the Armenian interbank foreign exchange market. Euro transactions have been on hold for over six months. Specifically, the trend in dollar transactions shifted from a 47% increase to a 5% decline, and  ruble transactions shifted from a 65% increase to a 36% decline.

This resulted in the weekly dollar volume  exceeding ruble transactions  1.2 to 1.7 times. Meanwhile, in the interbank foreign exchange market  during the reporting week (17-21.11.25 compared to 10-14.11.25), a  slowdown in the growth of dollar purchases was accompanied by a  slowdown in the decline in sales. In euro transactions, a decline in  purchases was observed while sales began to grow; and in ruble  transactions, the decline in the buying trend was accompanied by an  acceleration in the decline in sales. 

As a result, from 17 to 21 November this year, the dram continued to  strengthen against the dollar, going from AMD 382.5 to AMD 381.8 per  $1, while it continued to weaken  against the euro, dropping from AMD  442.5 to AMD 440.8/1EUR, and further weakening against the ruble -  from AMD 4.68 to AMD 4.78 / 1RUB.. A year earlier, on November 21,  2024, the dram exchange rate to the dollar was AMD 389.5/$1, to the  euro - AMD 412/1EUR, and to the ruble - AMD 3.85/1RUB.  Compared to  the 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, dollar  transactions were conducted daily in the interbank foreign exchange  market from November 17 to 21 of this year, and only two ruble  transactions, with both dollar and ruble transactions occurring on  Thursday and Friday (November 20-21). As a result, the total weekly  dollar transaction volume amounted to $10.5 million at an average  exchange rate of AMD 381.91 /$1 (compared to AMD 382/$1 the previous  week), while the total weekly ruble transaction volume amounted to  500 million rubles at an average exchange rate of AMD 4.79/1RUB  (compared to AMD 4.71 /1RUB the previous week). The maximum dollar  transaction volume was recorded on Tuesday (November 18) at $3.5  million, while the largest ruble transaction volume occurred on  Thursday (November 20) at 350 million rubles.

In the interbank foreign exchange market from November 17 to 21,  2025, compared to the previous week (10-14.11.25), the growth in  dollar purchases slowed from 10.1% to 8.2% with a slowdown in the  decline in sales from 6.5% to 1.1%. For euro transactions, the  reversal of the purchase trend from 2.2% growth towards a 0.2%  decline was accompanied by a sales trend going from a 10.6% decline  to a 14.3% growth.  For ruble transactions, the reversal of the  purchase trend from 22.2% growth towards a 3.3% decline was  accompanied by an acceleration of the decline in sales from 13.3% to  19%. As a result, during the reporting week, $180.1 million was  purchased at an average rate of AMD 380.30/$1, 30.8 million euros at  an average rate of AMD 438.21/1EUR, and 9.02 billion rubles at an  average rate of AMD 4.68 /1 RUB.

Additionally,  $160.5 million were sold at an average rate of AMD  382.89/$1, 51.9 million euros at an average rate of AMD 444.82/1 EUR,  and 2.4 billion rubles at an average rate of AMD 4.79 /1 RUB. The  largest volume of dollar purchases and ruble sales occurred on Monday  (November 17 - $51.4 million and 673.6 million rubles), followed by  the maximum dollar sales on Tuesday (November 18 - $36.5 million).   The largest volumes of euro purchases and sales and ruble purchases  occurred on Friday (November 21 - 7.5 million euros, 11.97 million  euros, and 2.2 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.

In the first 8 months of 2025, over $4.6 billion, 1.4 billion euros  and 520,4 rubles were purchased in the intra-bank foreign exchange  market, while $7.5 billion, 2.3 billion euros and 119, 6 rubles were  sold. This resulted in a buying rate of AMD 381.91/$1, AMD 441.62/1  euro, and AMD 4.77/1 ruble in the interbank foreign exchange market  in August, and a selling rate of AMD 384.39/$1, AMD 448.27/1EUR, and  AMD 4.84 /1RUB, compared to the December 2024 rates of AMD 394.84  /$1, AMD 413.75/1 EUR, and AMD 3.84 /1 ruble 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 $398.7 million ,ruble transactions totaling 25,2 billion  rubles and  euro transactions totaling 1.9 million  in the interbank  foreign exchange market, with euro transactions carried out in  February-March and May. During this period,  the dram weakened  against the ruble in the interbank foreign exchange market, reaching  AMD 4.77 /1 RUB in July and  strengthened against the dollar to AMD  383.671$, 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 foreign exchange  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