In Armenia`s interbank foreign exchange market from January 19 to 23,  2026, dollar transactions decreased, while ruble transactions  maintained growth

ArmInfo. The Armenian interbank foreign exchange market saw a significant shift in trading dynamics  during the week of January 19 to 23, 2026. While dollar transactions decreased,  ruble transactions maintained their  growth momentum. No euro transactions were conducted. Specifically, the trend in dollar transactions shifted from a 79% growth to a 65% decline, while the growth of ruble transactions slowed significantly, from 7.8 times to 29%. This resulted in the weekly ruble volume transactions regaining their its 2.2-fold lead over dollar transactions, while the previous week, dollar transactions still  dominated (2-fold). 

During the reporting week (January 19-23, 2026 compared to January  12-16, 2026), dollar buying and selling remained up, while euro and  ruble buying and selling trends reversed. As a result, from January  19 to 23, the dram continued to strengthen against the dollar, from  AMD 380.5 to AMD379.5/$1, weakening against the euro, from AMD 441.3  to AMD 443/1EUR, and weakening further against the ruble, from AMD  4.84 to AMD 4.93/1RUB. A year earlier, on January 23, 2025, the dram  exchange rate against the dollar was AMD 399/1$, against the euro -  AMD 417.5/1EUR, and against the ruble - AMD 4.01 /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  January 19 to 23, 2026, there were four dollar, and four ruble  transactions  conducted in the interbank foreign exchange market.  These transactions occurred simultaneously on Monday, Tuesday, and  Friday (January 19, 20, and 23). As a result, the total weekly dollar  transaction volume amounted to $6 million at an average exchange rate  of AMD 379.30 /1$ (compared to AMD 380.30/1$ the week before), while  the total volume of ruble transactions amounted to 1 billion rubles  at an average exchange rate of AMD 4.91/1RUB (compared to AMD 4.84  /1RUB the previous week). The maximum dollar volume was recorded on  Tuesday (January 20) at $2 million. The highest ruble volume also  occurred on the same day, and the same volume was recorded on  Thursday (January 20 and 22) at 290 million rubles.

In Armenia's inteabank foreign exchange market from January 19- 23,  2026, compared to the previous week (12-16.01.26), there was a slight  decrease in the growth of dollar purchases from 57% to 54%, while  sales increased from 26% to 67%. In euro transactions, both purchases  and sales reversed from 104-22% growth to a 14-24% decline.  Similarly, in ruble transactions, there was a reversal from 211-165%  growth to a 7-42% decline. 

As a result, during the reporting week, $208.9 million was purchased  at an average rate of AMD 378.08 /1$, 47.7 million euros at an  average rate of AMD 438.62/1EUR, and 9.9 billion rubles at an average  rate of AMD 4.86/1 RUB. Additionally,  $305.5 million were sold at an  average rate of AMD379.82 /1$, 42.9 million euros at an average rate  of AMD 445.37 /1 EUR, and 1.7 billion rubles at an average rate of  AMD 4.97 /1 RUB. Monday saw the highest volume of euro sales and  ruble purchases (January 19 - 11.99 million euros and 2.3 billion  rubles), followed by Tuesday with the highest dollar purchase  (January 20 - $50.2 million), Wednesday with the highest euro  purchase (January 21 - 20.3 million euros), Thursday with the highest  ruble sales (January 22 - 382.2 million rubles), and Friday with the  highest dollar sales (January 23 - over $85 million). According to  the Central Bank of Armenia, in the 10 months of 2025, the Central  Bank intervened in the foreign exchange market in the amount of  $1.419 billion from February to October, strengthening the exchange  rate from AMD 394.19 /1$ in February to AMD383.44/1$ in October.  These were only purchases.

In the interbank foreign exchange market, in the 10 months of 2025,  $6.1 billion, 1.7 billion euros, and 592.8 billion rubles were  purchased, while $8.9 billion, 2.7 billion euros, and 149.9 billion  rubles were sold. This resulted in a buying rate of AMD 381.49 /1$,  AMD 442.11/1EUR, and AMD 4.69/1 RUB market in October, and a selling  rate of AMD 383.69/1$, AMD 448.83/1EUR, and AMD 4.79 drams/1 RUB,  compared to the December 2024 rates of AMD 394.84/$1, AMD 413.75  /1EUR, and AMD 3.84 /1 RUB for buying, and AMD 398.16/1$, AMD 420.09  /1EUR, and AMD 3.97/1 RUB for selling.  In the 10 months of 2025,  dollar transactions worth over $485 million and ruble transactions  worth 32.1 billion rubles were carried out in the interbank foreign  exchange market, while euro transactions were concluded only in  February-March and May for a total of 1.9 million euros. This was  accompanied by a weakening of the dram against the ruble to AMD  4.72/1RUB in October and a strengthening against the dollar to AMD  383.17/1$, compared to AMD 3.84/1RUB and AMD 396.1/1$ in December  2024, respectively. During this period, the largest volume of dollar  transactions was concluded 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.

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,  the exchange rate returned to its original level of AMD 4.86 /1RUB,  with further progress to AMD 4,88/1RUB in July. It then t  strengthened to AMD 4,62/1RUB in September, before devaluation  started again in October.