ArmInfo. During the week of April 13-17, 2026, Armenia's interbank foreign exchange market saw an increase in US Dollar (USD) transactions, while Russian Ruble (RUB) trades declined. Notably, Euro (EUR) transactions have not been conducted for almost two months.
Specifically, the growth of USD transactions accelerated significantly, jumping from 22.2% to a 5.1 fold surge, while the trend for ruble transactions reversed, shifting from a 7.4 growth to a 19% decline. This allowed the weekly volume of dollar transactions to regain its dominance over the RUB with a 3 -to- 1 ratio, a complete reversal from the previous week when RUB ruble trades led by a ratio of 2.1-to-1.
Meanwhile, in the interbank foreign exchange market, the trend of dollar buying and selling increased during the reporting week (April 13-17, 2026 compared to April 6-10, 2026), while the acceleration in buying and selling in euros and rubles was accompanied by an increase in sales. As a result, from April 13 to 17, the dram strengthened against the dollar from AMD 375.3 to AMD 372.5/$1, while the rate remain "frozen" against the EUR at AMD 438/1EUR, and continued to weaken against the ruble, moving from AMD 4.84 to AMD 4.86/1RUB. A year earlier, on April 17, 2025, the dram exchange rate against the dollar was AMD 391.3/$1, against the EUR - AMD 442 /1 EUR, and against the ruble - AMD 4.71 /! RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar and euro of 5% and 1%, respectively, and a devaluation against the ruble of 3%.
According to the Central Bank of the Republic of Armenia, from April 13 to 17 of this year, there were four dollar transactions and four ruble transactions conducted in the interbank foreign exchange market. USD and RUB transactions were conducted on Tuesday, Wednesday, and Thursday (April 14, 15, and 16). On Monday (April 13), only USD trades occurred; on Friday (April 17), only RUB trades occurred. As a result, the total weekly dollar transaction volume amounted to $28 million at an average exchange rate of AMD 374.43/$1 (compared to AMD 376.1/$1 the week before), while the total weekly ruble transaction volume decreased to 750 million rubles at an average exchange rate of AMD 4.94/1 RUB (compared to AMD 4.82/1 RUB the week before). The maximum dollar transaction volume was reached twice during the reporting week, on Tuesday and Thursday (April 14 and 16) - $9 million each. Tuesday (April 14), saw the largest volume of ruble transactions - 250 million rubles.
From April 6 to 10 of this year, compared to the previous week (06-10.04.26), the trend of buying and selling USD went from a 23.1-6.8% decline to a 9.4-4.7% growth. For the EUR, the acceleration in buying from 1.2% to 36.3% was accompanied by a recovery in selling volumes, going from a 15.6% decline to a 36% growth, which was also observed in ruble transactions - an acceleration of growth in buying from 13% to 43% with a reversal of the sales trend from a 26.5% decline to a 24% growth. As a result, during the reporting week, $181.6 million was purchased at an average rate of AMD 373.32 / $ 1, 59.9 million euros at an average rate of AMD 437.06 / 1 EUR, and 12.1 billion rubles at an average rate of AMD 4.88 /1 RUB. Additionally, $183.03 million were sold at an average rate of AMD 375.73/$1, 59.6 million euros at an average rate of AMD 443.01/1 EUR, and 2.9 billion rubles at an average rate of AMD 4.98s/1 RUB. During the reporting week, the maximum volumes of euro and ruble purchases were recorded on Wednesday (April 15 -17.3 million EUR and 2.5 billion RUB). On Thursday, the largest volumes of EUR and RUB sales were recorded (April 16 - 18 million euros and 836.4 million rubles). On Friday, the maximum volumes of USD purchases and sales were recorded (April 17 - $48.5-45.3 million).
According to the Central Bank of Armenia, in January-February 2026, the Central Bank intervened in the foreign exchange market totaling $571.9 million, strengthening the exchange rate from AMD 381.49 /$1 in December to AMD 378.26/$1 in February.
In the interabank foreign exchange market in January-February 2026, $1.223 billion, 307.8 million EUR, and 62.8 billion RUB were purchased, while $1.473 billion, 388.8 million euros, and 20.8 billion rubles were sold. This resulted in a purchase rate in the interbank foreign exchange market in February of AMD 376.25/$1, AMD 442.91/1 EUR, and AMD 4.87/1RUB, and a sale rate of AMD 378.64 /$1, AMD 449.22 /1 EUR, and AMD 4.97/1RUB, compared to December 2025 rates of AMD 380.38/$1, AMD 442.74 /1 EUR, and AMD 4.83/1RUB for purchases, and AMD 382.62 /$1, AMD 449.26/1EUR, and AMD 4.91 /1 RUB for sale.
In January-February 2026, USD transactions totaled $66.9 million, EUR transactions totaled 5.3 million, and RUB transactions totaled 4.4 billion. This was accompanied by a weakening of the dram against the ruble to February's AMD 4.91/1RUBe and against the EUR to AMD 447.18/1EUR, and a strengthening against the USD to AMD 377.87/$1, up from December 2025's AMD 4.88/1RUB, AMD 446.80 /1EUR, and AMD 381.33 /$1, respectively. In the foreign exchange exchange platform, USD transactions worth $10.2 million were carried out in January-February 2026, accompanied by the strengthening of the dram to AMD 377.63/$1 in February from AMD 387.75/$1 in October, when dollar transactions last "appeared" on the exchange a year earlier.
For the entire year of 2025, the Central Bank intervened 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, and these were only buying operations. In the intra-bank foreign exchange market for the whole of 2025, $7.6 billion, EUR 2.03 billion and RUB 676.7 billion were purchased, and $10.6 billion, EUR 3.2 billion and RUB 177.4 billion were sold, which formed the purchase rate in December at the level of AMD 380.38/$1, AMD 442.74 /1 EUR and AMD 4.83/1 RUB, and the selling rate at the level of AMD 382.62/$1, AMD 449.26/1EUR and AMD 4.91/1RUB (compared to December 2024 AMD 394.84/$1, AMD 413.75 /1 EUR, AMD 3.84/1RUBe - for buying, and AMD 398.16 /$1, AMD 420.09/1 EUR, AMD 3.97/1RUB - for sale).
In the interbank foreign exchange market for the whole of 2025, dollar transactions totaled over $567 million and ruble transactions totaled 39.5 billion rubles, while euro transactions totaled 5.9 million euros in February-March, May, and December alone. This was accompanied by a weakening of the dram against the ruble to AMD 4.88/1 RUB in December and against the euro to AMD 446.8/1EU, and a strengthening against the dollar to AMD 381.33/$1, up from AMD 3.84 /1RUB, AMD 414.25/1EUR, and AMD 396.1/$1 in December 2024, respectively. In 2025, the largest volume of dollar transactions was recorded in January ($81 million), ruble transactions in May (RUB 7.7 billion), and euro transactions in December (EUR 4 million).
Recall , ruble transactions in the Armenian FX market began on March 14, 2022. The currency exchange platform, after an eight-year "silence," resumed operations in June 2024. Over the five months (June-October), the total dollar transaction volume amounted to $14.7 million, accompanied by a strengthening of the dram from AMD 388.90/$1 in June to AMD 387.75/$1 in October. In November- December 2024, the currency exchange platform was empty. Over the entire year of 2025, dollar transactions worth $29.4 million were conducted in theFX market, accompanied by a strengthening of the dram from AMD 398.75 in January to AMD 381.25/1$ in December. The foreign exchange market remained active throughout 2025, reaching its maximum monthly volume in November - $8.8 million.
