ArmInfo. In the Armenian interbank foreign exchange market from January 26-30, 2026, dollar transactions continued to decline, and ruble transactions also saw a decline. However, after a month and a half of inactivity, euro transactions resumed. Specifically, the decrease in dollar transactions slowed from 65% to 44%, and the trend in ruble transactions shifted from a 29% increase to a 20% decrease.
This allowed the weekly volume of ruble transactions to maintain its dominance over dollar transactions, with the gap narrowing from 2.2 times to 1.1 times. Both ruble and dollar transactions were 9-8 times higher than euro transactions.
During the reporting week (January 26-30, 2026 compared to January 19-23, 2026), dollar purchases and sales declined, euro purchases and sales continued to decline more rapidly, and for ruble transactions, the deepening decline in purchases was accompanied by an upward trend in sales. As a result, from January 26 to January 30, 2026, the dram continued to strengthen against the dollar, going from AMD 379.5 to AMD 378.8 /1$, while continuing to weaken against the euro, from AMD 443 to AMD 450.5 / 1EUR, and against the ruble, from AMD 4.93 to AMD 4.95/1 EUR. A year earlier, on January 30, 2025, the dram to dollar exchange rate was AMD 397.5/1$, to euro - AMD 417.5/1EUR, and to ruble - AMD3.98 /1RUB. Compared to current rates, it indicates an annual revaluation of the dram against the dollar and a devaluation against the euro and ruble.
According to the Central Bank of Armenia, in the interbank foreign exchange market from January 26- 30, (January 27 and 28 are non-working days) three dollar and ruble transactions were conducted, and the only euro transaction occurred on Friday (January 30). As a result, the total weekly dollar transaction volume was $9.5 million at an average exchange rate of AMD 379.13/1$ (compared to AMD 379.30/1$ the week before), the total ruble transaction volume was 800 million rubles at an average exchange rate of AMD 4.99 /1 RUB (compared to AMD 4.91/1 RUB the week before), and the volume of the only euro transaction was 1 million euros at an average exchange rate of AMD 451.25 /1 EUR. The maximum dollar transaction volume was recorded on Friday (January 30) - $5.5 million, and the maximum ruble transaction volume was recorded on Monday (January 26) - 470 million rubles each.
In Armenia's interbank foreign exchange market from January 26-30, 2026, compared to the previous week (19-23.01.26), the buying and selling trend in dollar transactions reversed from a 54-67% increase to a 33-44% decline. In euro transactions the decline in buying and selling accelerated from 14-24% to 41- 29%, and in ruble transactions the acceleration of the buying decline from 7% to 31% was accompanied by a sales trend going from a 42% decline to a 68% increase. As a result, $140.8 million was purchased during the reporting week at an average rate of AMD 377.70/1$, 28.4 million euros at an average rate of AMD 445.79/1EUR, and 6.8 billion rubles at an average rate of AMD 4.94/1 RUB. Additionally, $171.2 million were sold at an average rate of AMD 379.96 /1$, 30.5 million euros at an average rate of AMD 453.27 /1 EUR, and 2.8 billion rubles at an average rate of AMD 5.05 /1 RUB. During the reporting week, the maximum volumes of purchases and sales of dollars, euros, and rubles occurred on Thursday (January 29 - $75.5-79.6 million, 10.7-11.6 million euros, and 2.5-1.9 billion rubles).
According to the Central Bank of the Republic of Armenia, over the 11 months of 2025, the Central Bank intervened in the foreign exchange market in February-October for a total of $1.616 billion, strengthening the exchange rate from AMD 394.19/$1 in February to AMD 382.10/1$ in November. These were only purchase operations. In the interbank foreign exchange market, $6.7 billion, 1.9 billion euros, and 628.7 billion rubles were purchased over the 11 months of 2025, and $9.6 billion, 2.9 billion euros, and 161.2 billion rubles were sold. This resulted in a November buying rate in the inter-bank foreign exchange market: AMD 380.69 /11, AMD 437.72/1EUR, and AMD 4.71/1RUB, and a selling rate of AMD 383.12 /1$, AMD 444.28/1EUR, and AMD 4.81/1RUB, compared to December 2024 rates of AMD 394.84 /1$1, AMD 413.75 /1 EUR, and AMD 3.84 /1 RUB for buying, and AMD 398.16/1$, AMD 420.09/1EUR, and AMD 3.97/1RUB for selling.
In the first 11 months of 2025, there were dollar transactions totaling $522 million, ruble transactions totaling 34,6 billion rubles and euro transactions totaling 1.9 million in the interbank foreign exchange market, with euro transactions carried out in February-March and May. During this period, the dram weakened against the ruble in the interbank foreign exchange market, reaching AMD 475 /RUB 1 in November and strengthened against the dollar to AMD 381.95/1$, compared to AMD 3.84 /1RUB and AMD 396.1 /1$ in December 2024. The largest volume of dollar transactions was completed 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 currency 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 currency 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
