ArmInfo. In the Armenian interbank foreign exchange market from December 15 to 19, 2025, there was a notable shift in currency transactions: dollar and ruble transactions decreased, while euro transactions reemerged after a seven month hiatus. Specifically, dollar transactions saw a reversal from a 3.2-fold increase to a 74.2% decline, while ruble transactions continued to decline, albeit at a slower rate of 45.3% to 9.4%.
This led to ruble transactions surpassing dollar transactions by a factor of 2.1 and also dominating euro transactions by a factor of 2.3 (with dollar transactions being 1.1 times larger than euro transactions). This marked a significant change from the previous week, when dollar transactions had outpaced over ruble transactions by a factor of 1.6.
In the intrabank foreign exchange market during the reporting week (December 15-19, 2025 compared to December 8-12, 2025), there was a reversal in dollar purchases. The decline in sales also slowed. A similar trend change was noted in euro transactions, where a reversal towards a decline in purchases was accompanied by a slowdown in sales growth. Additionally, ruble transactions saw a slowdown in the decline of purchases and a slowdown in sales growth. As a result, from December 15 to 19 of this year, the dram continued to strengthen against both the dollar, from AMD 382.5 to AMD 381.8/$1, and the ruble, from AMD 4.76 to AMD 4.71/ RUB, setting the stage for revaluation. It also appreciated against the euro, from AMD 447 to AMD 446/EUR. A year earlier, on December 19, 2024, the dram to dollar exchange rate was AMD 395.8/$1, to euro - AMD 415.5/EUR, and to ruble - AMD 3.82/RUB. 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 Armenia, dollar and euro transactions were conducted twice and ruble transactions were conducted four times in the interbank foreign exchange market from December 15 to 19, 2025. The platform was completely empty on Tuesday (December 16). As a result, the total weekly dollar transaction volume was $5 million at an average exchange rate of AMD 381.17 /$1 (compared to AMD 381.64 /$1 the week before), the total weekly ruble transaction volume was 835 million rubles at an average exchange rate of AMD 4.77/ RUB (compared to AMD 4.89/ RUB the week before), and the total weekly euro transaction volume was 4 million euros at an average exchange rate of AMD 446.78 /EUR. The maximum dollar and ruble transaction volumes were recorded on Friday (December 19) - $3 million and 250 million rubles, respectively, while the only two euro transactions were of equal volume - 2 million euros each.
In the intrabank foreign exchange market from December 15 to 19 of this year, compared to the previous week (08-12.12.25), the dollar buying trend reversed from a 22.5% increase to a 10.5% decrease, while the sales decline slowed from 5.2% to 0.1%. For euro transactions, the buying trend reversal from a 20% increase to a 13% decrease was accompanied by a slowdown in sales growth from 23.5% to 16% For ruble transactions, the decline in buying slowed from 22% to 7% and sales growth from 31% to 8.3%. As a result, $175.7 million was purchased during the reporting week at an average rate of AMD 380.36 /$1, 38.1 million euros at an average rate of AMD 444.05 /EUR, and 8.8 billion rubles at an average rate of AMD 4.74 /RUB. Additionally, $195.3 million were sold at an average rate of AMD 382.82 /$1, 67.9 million euros at an average rate of AMD 450.20r/EUR, and 4.4 billion rubles at an average rate of AMD 4.83 /RUB. The largest volumes of dollar and euro sales occurred on Tuesday (December 16 - $52.5 million and 19.7 million euros). The maximum volume of ruble purchases was recorded On Thursday (December 18 - 1.9 billion rubles), and Friday saw the largest volumes of dollar and euro purchases and ruble sales (December 19 - $46.5 million, 10.5 million euros and 1.4 billion rubles).
In the first 9 months of 2025, there were dollar transactions totaling $432 million, ruble transactions totaling 28 billion rubles and euro transactions totaling 1.9 million in the interbank foreign exchange market, with euro transactions carried out in February-March and May. During this period, the dram weakened against the ruble in the interbank foreign exchange market, reaching AMD 4.62 /1 RUB in July and strengthened against the dollar to AMD 383.58/1$, 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 nine-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 nine months of 2025, dollar transactions totaling $16,9 million were conducted on the foreign exchange platform, with the dram strengthening from AMD 398.75/$1 in January to AMD 383.75/$1 in September. The currency exchange market was active during the seven months under review, reaching its peak monthly volume in July - $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.
