From November 24 to 28, 2025, dollar transactions  decreased, while  ruble transactions rose  in Armenia`s interbank foreign exchange  market

ArmInfo. From November 24 to 28, 2025, in the Armenian interbank foreign exchange market, dollar transactions remained in decline, while ruble transactions  increased.  Euro transactions have been on hold over seven months.  Specifically, the trend in dollar transactions accelerated from 5% to  24%, while  ruble transactions shifted from a 36% decline to a 57%  increase. This resulted in the weekly ruble volume  exceeding dollar  transactions by 1.2 times, whereas  the previous two weeks has seen  dollar transactions  dominating in volume, with the gap between ruble  and dollar transactions growing from 1.2 to 1.7 times.

 During the reporting week (November 24-28, 2025 compared to November  17-21, 2025),  in the intrabank foreign exchange market dollar  purchases declined while sales increased. Euro transactions saw an  increase in purchases while sales growth slowed, while both ruble  purchases and sales increased. As a result, from November 24 to 28,  the dram weakened against the dollar, going from AMD 381.8 to AMD  382.3/ $1, continuing to weaken against the euro, dropping from AMD  440.8 to AMD 441.8/1EUR,  and weakening against the ruble, from AMD  4.78 to AMD 4.84/1RUB. A year earlier, on November 28, 2024, the dram  exchange rate against the dollar was AMD 394.5/$1, against the euro -  AMD 417 drams/1EUR, and against the ruble - AMD 3.63 drams/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 24 to 28 of this year, dollar transactions were conducted  three times and ruble transactions four times on the interbank  currency market, with the platform completely empty on Friday  (November 28). As a result, the total weekly dollar transaction  volume amounted to $8 million at an average rate of 381.28 drams/$1  (versus 381.91 drams/$1 the week before), while the total weekly  ruble transaction volume amounted to 785 million rubles at an average  rate of 4.83 drams/RUB (versus 4.79 drams/RUB the week before). The  peak volume of dollar transactions occurred on Tuesday (November 25)  at $4 million, while the largest volume of ruble transactions  occurred on Monday (November 24) at 350 million rubles.

In the intrabank currency market from November 24 to 28 of this year,  compared to the previous week (November 17-21), the dollar buying  trend reversed from an 8.2% increase to a 25% decline, while the  sales trend shifted from a 1.1% decline to a 28% increase. For euro  transactions, the buying trend shifted from a 0.2% decline to a 9.1%  increase, accompanied by a slowdown in sales growth from 14.3% to  12%.  For ruble transactions, the buying and selling trend reversed  from a 3.3-19% decline to a 10-12.1% increase. As a result, during  the reporting week, $135.5 million was purchased at an average rate  of AMD 380.01s/$1, 33.7 million euros at an average rate of AMD  436.98 /1EUR, and 9.9 billion rubles at an average rate of AMD  4.79/1RUB. Additionally,  $205.3 million was sold at an average rate  of AMD 382.40 /$1, 57.9 million euros at an average rate of AMD  442.95/1EUR, and 2.6 billion rubles at an average rate of AMD  4.90/1RUB. The largest volume of ruble purchases occurred on Monday  (November 24 - 2.5 billion rubles), followed by the maximum dollar  and euro purchases and sales on Tuesday (November 25 - $30.2 million  and $68.4 million, respectively, 17.3 million euros). Thursday saw  the largest volume of ruble sales (November 27 - 827.6 million  rubles), followed by Friday, the maximum euro purchases (November 28  - 8.4 million euros).

According to the Central Bank of Armenia, over the first eight months  of 2025, the Central Bank intervened in the foreign exchange market  in a total of $1.069 billion from February to August, strengthening  the exchange rate from AMD 394.19 /$1 in February to AMD 383.49/$1 in  August. These were only purchases. Over $4.6 billion, 1.4 billion  euros and 520,4 rubles were purchased in the interbank foreign  exchange market in the first 8 months of 2025, while $7.5 billion,  ?2.3 billion and 119,6 roubles were sold. This formed the purchase  rate in August in the interbank foreign exchange market at the level  of AMD 381.91/$1, AMD 441.62/1 EUR and AMD 4.77 drams/1 RUB, and the  sale rate at the level of AMD 384.39 /$1, AMD 448.27/1EUR and AMD  4.84/1 RUB, compared to the December 2024 rates of AMD 394.84/$1, AMD  413.75 /1EUR, AMD 3.84/1RUB - for buying, and AMD 398.16/$1, AMD  420.09 /1 EUR, and AMD 3.97/1RUB - for selling.

In the first 8 months of 2025, there were dollar transactions  totaling $398,6 million, ruble transactions totaling 25,2 billion  rubles and  euro transactions totaling 1.9 million  in the interbank  foreign exchange market, with euro transactions carried out in  February-March and May. During this period,  the dram weakened  against the ruble in the interbank foreign exchange market, reaching  AMD 4.77 /1 RUB in July and  strengthened against the dollar to AMD  383.67/1$, compared to AMD 3.84 /1RUB and AMD 396.1 /1$ 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 .