ArmInfo. In the Armenian interbank foreign exchange market from May 11 to 15, 2026, dollar transactions increased, while ruble transactions continued to decrease. Euro transactions have not been carried out for three months. Specifically, the trend for dollar transactions reversed a 70.1% decline to a 45.2% increase, while the decline in ruble transactions accelerated from 13% to 23.1%.
This allowed the weekly volume of dollar transactions to regain its lead over ruble transactions, with a gap of almost twofold. Meanwhile, in the interbank foreign exchange market during the reporting week (May 11-15, 2026 compared to May 5-8, 2026), USD and EUR purchases reversed their downward trend, while sales of these currencies accelerated. In ruble transactions, the buying trend reversed from upward to downward, while sales reversed their downward trend.
As a result, from May 11-15, the dram continued to strengthen against both the dollar, from AMD 368.5 to AMD 367.5/1$, and against the euro, from AMD 432 to AMD 429.5/1EUR, while weakening against the ruble, from AMD 4.85 to AMD4.9/1RUB. A year earlier, on May 15, 2025, the dram exchange rate against the dollar was AMD387.5/$1, against the euro AMD434.5/1EUR, and against the ruble AMD 4.75 /1RUB. Compared to current rates, this indicates an annual revaluation of the AMD against the USD and the EUR of 5% and 1%, respectively, and a devaluation against the RUB of 3%.
According to the Central Bank of the Republic of Armenia, from May 11 to 15, 2026, ruble transactions were conducted daily in the interbank currency market, and dollar transactions were conducted four times daily, with both dollar and ruble transactions occurring simultaneously from Tuesday to Friday (May 12- 15). As a result, the total weekly dollar transaction volume amounted to $11.740 million at an average exchange rate of AMD 368.70/$1 (compared to AMD369.61 /$1 the week before), while the total weekly ruble transaction volume decreased to 520.5 million rubles at an average exchange rate of AMD 4.99 /1 RUB (compared to AMD 4.92 /1 RUB the week before). The maximum dollar transaction volume was recorded on Tuesday (May 12) at $4.540 million, while the largest ruble transaction volume occurred on Monday (May 11) at 200 million rubles.
In the intrabank foreign exchange market from May 11 to 15, 2026, compared to the previous week (05- 08.05.26), the dollar buying trend went from a 14.2% decline to a 24% growth with an acceleration of sales growth from 13.4% to 35.4%. This was also observed in euro transactions - the buying trend reversed from a 13.7% decline to a 2.6% growth with an acceleration of sales growth from 4.2% to 36.6%, and in ruble transactions, the reversal of the buying trend from a 6.5% growth to an 11.7% decline was accompanied by a sales trend going from a 48.3% decline to a 10.2% growth. As a result, during the reporting week, $195.5 million was purchased at an average rate of AMD 367.32/$1, 39.6 million euros at an average rate of AMD 429.32/1EUR, and 8.8 billion rubles at an average rate of AMD 4.90 /1RUB. Additionally, $259.3 million was sold at an average rate of AMD 369.85/$1, 76.6 million euros at an average rate of AMD 435.74 /1EUR, and 2.7 billion rubles at an average rate of AMD 5.04/1RUB. During the reporting week, the maximum volume of dollar sales was recorded on Monday (May 11 - $70.6 million).The largest volume of ruble purchases occurred on Wednesday (May 13 - 1.922 billion rubles), and on Thursday the maximum volumes of dollar purchases and euro sales were recorded (May 14 - $46.3 million and 23.1 million euros). On Friday, the largest volumes of euro purchases and ruble sales occurred (May 15 - 10.6 million euros and 888.6 million rubles).
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 interbank foreign exchange market in January-February 2026, $1.223 billion, 307.8 million euros, and 62.8 billion rubles were purchased, while $1.473 billion, 388.8 million euros, and 20.8 billion rubles were sold. This resulted in a purchase rate of AMD 376.25/$1, AMD 442.91/1EUR, and AMD 4.87 /1RUB in February, and a sale rate of AMD 378.64 /$1, AMD 449.22 /1EUR, and AMD 4.97/1RUB, compared to December 2025 rates of AMD 380.38 /$1, AMD 442.74 /1EUR, and AMD 4.83/1 RUB for purchases, and AMD 382.62/$1, AMD 449.26/1EUR, and AMD 4.91/1RUB for sale.
In January-February 2026, dollar transactions totaled $66.9 million, euro transactions totaled 5.3 million, and ruble transactions totaled 4.4 billion. This was accompanied by a depreciation of the AMD against the RUB to AMD 4.91/1RUB in February and AMD 447.18 /1EUR against the EUR, and an appreciation against the USD to AMD 377.87/1$, up from AMD 4.88 /1 RUB, AMD 446.80/1 EUR, and AMD 381.33 /1$ in December 2025.
Recall, ruble transactions in the Armenian interbank foreign exchange market began on March 14, 2022. In January-February 2026, dollar transactions totaling $10.2 million were carried out on the currency exchange platform. This was accompanied by an appreciation of the AMD to AMD 377.63/$1 in February up from AMD 387.75/$1 in October, which was the last time when the USD transactions were seen on the exchange a year earlier.
