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
