ArmInfo.In Armenia's foreign exchange market from February 16 to 20, 2026, dollar and euro transactions continued to decrease, while ruble transactions saw a significant increase. The decline in dollar transactions accelerated from 3.4% to 57%, while ruble transactions increased significantly from a 4% decline to a significant 3.1-fold increase.
Euro transactions, which had resumed a week ago, began to decline once again. As a result, the weekly volume of ruble transactions regained dominance over dollar transactions by a factor of 3.3. Additionally, ruble transactions were significantly more dominant than euro transactions (6.4 times) compared to dollar transactions (2 times).
In the interbank foreign exchange market, the trend of decreased purchases and sales of dollar and euro continued during the reporting week (February 16-20, 2026 compared to February 9-13, 2026), while the ruble purchase and sales trend saw a double-digit growth. As a result, from February 16 to 20, 2026, the dram continued to strengthen against the dollar, from AMD 376.8 to AMD 376.5/$1, while also appreciated against the euro, rising from AMD 446.5 to AMD 444 /1EUR. Conversely, it weakened against the ruble, from AMD 4.87 to AMD 4.88/1EUR. A year earlier, on February 20, 2025, the dram exchange rate against the dollar was AMD 394/$1, against the euro - AMD 412.5/1EUR, and against the ruble - AMD 4.37 /1EUR. Compared to current rates, this 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, from February 16 to 20, 2026, ruble transactions were conducted daily in the interbank foreign exchange market in in dollars three times, and in euros twice. Moreover, all three transactions were conducted on Monday and Tuesday (February 16 and 17), and on Thursday (February 19), dollar and ruble transactions were conducted. As a result, the total weekly volume of dollar transactions amounted to $3 million at an average rate of AMD 377.83 /$1 (compared to AMD 378/$1 a week earlier), the total volume of ruble transactions amounted to 753 million rubles at an average rate of AMD 93/1RUB (compared to AMD 4.89/1RUB a week earlier). The total volume of euro transactions amounted to 1.3 million euros at an average rate of AMD 446.68 /1EUR (compared to AMD 448.50 /1EUR a week earlier). The peak volume of ruble transactions was seen on Monday (February 16) at 300 million rubles. The following day, Tuesday (February 17), saw the largest volume of euro transactions at 800 million rubles, while the volume of all three dollar transactions was the same - $1 million each.
In the intrabank foreign exchange market from February 16 to 20, 2026r, compared to the previous week (February 9-13), the decline in dollar transactions continued, with purchases accelerating from 17% to 21% and sales slowing down from 21% to 3%. This trend was also observed in euro transactions - the decline in purchases accelerated from 8% to 14%, while the decline in sales slowed from 5% to 1%. Meanwhile, the trend in ruble purchases and sales shifted from a 14-57% decline to a 46-27% increase. As a result, during the reporting week, $131.6 million was purchased at an average rate of AMD 375.42/$1, 32.6 million euros at an average rate of AMD 441.96/1EUR, and 9.7 billion rubles at an average rate of AMD 4.88 /1RUB, and $149.8 million was sold at an average rate of AMD 378.16 /$1, 50.4 million euros at an average rate of AMD 448.92/EUR, and 2.6 billion rubles at an average rate of AMD 4.97/1 RUB. During the reporting week, the highest dollar sales and ruble purchases occurred on Monday (February 16th - $34.3 million and RUB 3.3 billion). The highest euro purchases were recorded on Wednesday, (February 18th - EUR 7.6 million). Thursday saw the highest dollar purchases (February 19th - $30.8 million). Friday also saw the highest euro and ruble sales (February 20th - EUR 12.6 million and RUB 837.3 million).
According to the Central Bank of Armenia, for the entire period of 2025, the Central Bank intervened in the foreign exchange market in the amount of $1.796 billion from February to December, strengthening the exchange rate from AMD 394.19/1$ in February to AMD 381.49 /1$ in December. These were only the purchases.
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 exhange 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
