ArmInfo.In Armenia's interbank foreign exchange market, transactions involving dollars and rubles saw significant growth from March 16 to 20, 2026, while euro transactions remained stagnant for the third consecutive week. The increase in dollar transactions slowed slightly from 76.4% to 76%, while ruble transactions accelerated from 2.3 times to 3.4 times.
This resulted in the weekly volume of dollar transactions continuing to outperform ruble transactions, with the gap narrowing from 3 times to 1.6 times.
During the reporting week (March 16-20, 2026 compared to March 9-13, 2026), in the interbank foreign exchange market, the trend of buying dollars reversed from a decline to an increase, while the trend of selling also reversed. For euro transactions, the decline in buying accelerated, as did the sales. For ruble transactions, the acceleration of the decline in buying was accompanied by a reversal of the trend. As a result, from March 16 to 20, the dram continued to strengthen against both the dollar, from AMD 376.5 to AMD 376.3/1$, and against the ruble, from AMD 4.68 to AMD 4.48 /1RUB, while weakening against the euro, from AMD 434.5 to AMD 435.5/1EUR. A year earlier, on March 20, 2025, the dram exchange rate against the dollar was AMD 391.8 /$1, against the euro - AMD 427.5 /1EUR, and against the ruble - AMD 4.58 drams/1 RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar and ruble of 4% and 2%, respectively, and a devaluation against the euro of 2%.
According to the Central Bank of Armenia, dollar transactions and ruble transactions were conducted on the interbank currency market from March 16 to 20. Moreover, dollar and ruble transactions were conducted simultaneously from Tuesday through Friday (March 17-20), and on Monday (March 16), only dollar transactions were conducted. As a result, the total weekly dollar transaction volume amounted to $15.5 million at an average exchange rate of AMD 378.30/$1 (compared to AMD 378.39/$1 the week before), while the total ruble transaction volume amounted to 790 million rubles at an average exchange rate of AMD 4.56 /1RUB (compared to AMD 4.791/RUB the week before). The maximum dollar transaction volume occurred on Wednesday (March 18) at $5 million, while the largest ruble transaction volume occurred on Friday (March 20) at 350 million rubles.
In the interbank foreign exchange market from March 16 to 20, 20206, compared to the previous week (09- 13.03.26), the dollar buying trend went from an 18.2% decline to a 38.5% growth with a reversal of the sales trend - from 9% growth to a 16% decline. For euro transactions, the decline in buying accelerated from 4% to 13.4% with an acceleration of sales growth from 8.1% to 15.6%, and for ruble transactions, the acceleration of the decline in buying from 5.4% to 9.2% was accompanied by a sales trend going from a 36% decline to a significant growth of 2.2 times. As a result, during the reporting week, $192.3 million was purchased at an average rate of AMD 376.25/ $ 1, 37.6 million euros at an average rate of AMD 430.40 / 1 EUR, and 6.7 billion rubles at an average rate of AMD 4.52 /1 RUB. Additionally, $162.5 million were sold at an average rate of AMD 378.52 /$1, 62.6 million euros at an average rate of AMD 436.84/1 EUR, and 7.4 billion rubles at an average rate of AMD 4.64 /1 RUB.
During the reporting week, the maximum volume of euro sales was recorded on Tuesday (March 17 - 18.03 million euros). The largest volume of euro purchases was recorded on Thursday (March 19 - 12.1 million euros). On Friday, the maximum volumes of dollar and ruble purchases and sales occurred (March 20 - $55.9-42.6 million and 1.7-1.9 billion rubles). According to the Central Bank of Armenia, for the whole of 2025, the Central Bank has carried out interventions in the foreign exchange market in the amount of $1.796 billion in February-December, strengthening the exchange rate from AMD 394.19 /$1 in February to AMD 381.49 /$1 in December. These were only purchase operations.
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.
