ArmInfo. In Armenia's interbank foreign exchange market, from February 23-27, 2026, there was an increase in dollar transactions, a slow down in ruble transactions, and a continued decline in euro transactions. Specifically, the trend for dollar transactions shifted from a 57% decline to a significant 2.6-fold increase, while the trend for ruble transactions reversed from a 3.1- fold increase to a 40.2% decline. Euro transactions continued to decline, slowing from 35% to 23%. As a result, the weekly volume of dollar transactions surpassed ruble transactions by a factor of 1.3, and both ruble and dollar transactions dominated over euro transactions (dollar transactions-6.5 times) and (ruble transactions -6 times).
In the interbank foreign exchange market, the trend of buying and selling dollars and euros increased during the reporting week (February 23-27, 2026 compared to February 16-20, 2026). However, there was a resumption of the decline in ruble transactions accompanied by a slowdown in sales growth. As a result, from February 23 to 27 of this year, the dram remained steady against the dollar at AMD 376.5/$1, weakening against the euro from AMD 444 to AMD 445.5/1EUR, and showing signs of appreciation against the ruble from AMD 4.88 to AMD 4.87 /1RUB. A year earlier, on February 27, 2025, the dram exchange rate against the dollar was AMD 394/$1, against the euro - AMD 414/1EUR, and against the ruble -AMD 4.47/1RUB. Compared to current rates, this indicates an annual dram appreciation against the dollar of 4.4%, and a devaluation against the euro and ruble of 8% and 9%, respectively.
According to the Central Bank of Armenia, from February 23 to 27 of this year, dollar transactions were conducted four times, ruble transactions three times, and euro transactions once. Moreover, all three were conducted simultaneously on Thursday (February 26), and the platform was completely empty on Wednesday (February 25). As a result, the total weekly dollar transaction volume amounted to $7.663 million at an average exchange rate of AMD 377.37 /$1 (compared to AMD 377.83 /$1 the week before), the total ruble transaction volume amounted to 450 million rubles at an average exchange rate of AMD 4.92 /1 RUB (compared to AMD 4.93 /1 RUB the week before), and the volume of the single euro transaction amounted to 1 million euro at an average exchange rate of AMD 445.50/1 EUR (compared to AMD 446.68 /1 EUR the week before). The maximum dollar transaction volume occurred on Monday (February 23) - $3 million, and the largest volume of ruble transactions occurred on Tuesday (February 24) - 200 million rubles.
In the intrabank foreign exchange market from February 23 to 27, 2026 compared to the previous week (16-20.02.26), the trend of buying and selling dollars went from a 21-3% decline to a 17-12% growth, which was also observed in euro transactions, the trend of which reversed from a 14-1% decline towards 13.5-17.3% growth. In ruble transactions, the shift of the buying trend from 46% growth towards a 16% decline was accompanied by a slowdown in sales growth from 27% to 10%. As a result, during the reporting week, $152.1 million was purchased at an average rate of AMD 375.66 / $ 1, 37.1 million euros at an average rate of AMD 440.52 / 1 EUR, and 8.2 billion rubles at an average rate of AMD 4.88/1 RUB. Additionally, $167.9 million were sold at an average rate of AMD 378.23/$1, 59.1 million euros at an average rate of AMD 447.29/1 EUR, and 2.9 billion rubles at an average rate of AMD 4.97/1 RUB. During the reporting week, the maximum volumes of dollar sales and euro purchases and sales occurred on Monday (February 23 - $42.9 million and 10.2-17.9 million euros), - the largest volumes of ruble purchases and sales were recorded on Wednesday and Thursday (February 25 - 1.9 billion rubles and February 26 - 1.3 billion rubles), and the maximum volume of dollar purchases occurred on Friday (February 27 $40.1 million).
In the intra-bank foreign exchange market for the whole of 2025, $7.6 billion, 2.03 billion euros and 676.7 billion rubles were purchased, and $10.6 billion, 3.2 billion euros and 177.4 billion rubles were sold. This formed the purchase rate in December at the level of AMD 380.38/$1, AMD 442.74/1EUR and AMD 4.83/1RUB, and the selling rate at AMD 382.62/$1, AMD 449.26/1EUR and AMD 4.91/1 RUB, against the December 2024 rates of AMD 394.84 /$1, AMD 413.75/1 EUR, AMD 3.84/1RUBe - for buying, and AMD 398.16/$1, AMD 420.09/1EUR, and AMD 3.97 /1 RUB - for selling.
After eight years of "silence," the foreign 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 12 months of 2025, dollar transactions totaling $29,4 million were conducted on the foreign exchange platform, with the dram strengthening from AMD 398.75/$1 in January to AMD 381.25/$1 in July. The currency exchange market was active during the reporting year, reaching its peak monthly volume in November - $8,8 million.
Recall, ruble transactions in the Armenian interbank foreign 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 4.88 /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, it had reverted to the initial exchange rate of AMD 4.86 /1RUB in the interbank foreign exchange market.
