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 .
