ArmInfo.From March 30 to April 3, 2026, there was a decrease in dollar and ruble transactions in Armenia's interbank foreign exchange market, while euro transactions have been suspended for over a month.
The decline in dollar transactions accelerated from 3.2% to 70%, while the trend in ruble transactions reversed from a 32.3% increase to an 88% decline. This resulted in the weekly volume of dollar transactions maintaining its dominance over ruble transactions, with the gap widening from 1.2 times to 2.9 times.
In the interbank foreign exchange market, the tend for buying and selling dollars reversed upward during the reporting week (March 30-April 3, 2026, compared to March 23-27, 2026). In euro transactions, the buying trend also increased while sales declined. In ruble transactions, the acceleration in buying was accompanied by a slowdown in the decline of sales. As a result, from March 30 to April 3, the dram strengthened against both the dollar, from AMD 376.5 to AMD 375.3/1$, and against the euro, from AMD 436.5 to AMD 434.5/1EUR, while continuing to weaken against the ruble, from AMD 4.61 to AMD 4.69/1RUB. A year earlier, on April 3, 2025, the dram exchange rate against the dollar was AMD 391.5 drams/$1, against the euro - AMD 430.5/1EUR, and against the ruble - AMD 4.60 /1RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar by 4% and a devaluation against the euro and ruble by 1% and 2%, respectively.
According to the Central Bank of the Republic of Armenia, from March 30 to April 3, 2026, three dollar transactions and one ruble transaction were conducted in the interbank foreign exchange market. The FX market was completely empty on Tuesday (March 31). As a result, the total weekly dollar transaction volume amounted to $4.5 million at an average rate of AMD 377.68/$1 (compared to AMD 378.01/$1 the week before), and the volume of the single ruble transaction amounted to 125 million rubles at an average rate of AMD 4.70/1 RUB (compared to AMD 4.62/1RUB the previous week). The maximum dollar transaction volume was reached on Friday (April 3) at $3.5 million.
In the interbank foreign exchange market from March 30 to April 3, 2026, compared to the previous week (March 23-27), the dollar buying and selling trend reversed from a 19-10% decline to a 38.4-28.2% increase. For euro transactions, the buying trend also reversed from an 18% decline to a 41% increase, while the sales trend reversed from a 3% increase to a 19.2% decline. For ruble transactions, the acceleration of buying growth from 2% to 9.2% was accompanied by a slowdown in the sales decline from 56.7% to 1.1%. As a result, during the reporting week, $215.8 million was purchased at an average rate of AMD 76.16 /$1, 43.4 million euros at an average rate of AMD 431.15 /1EUR, and 7.5 billion rubles at an average rate of AMD 4.62/1RUB. Additionally, $187.6 million was sold at an average rate of AMD 378.16 /$1, 51.99 million euros at an average rate of AMD 437.33/1EUR, and 3.2 billion rubles at an average rate of AMD 4.71/1RUB. During the reporting week, the highest volumes of ruble purchases and sales were recorded on Monday (March 30 - 1.9 billion-868 million rubles), followed by the highest volume of euro sales on Tuesday (March 31 - 13.4 million euros). The highest volumes of dollar purchases and euro purchases were recorded on Wednesday, (April 1 - $56.9-59.2 million and 11.1 million euros).
According to the Central Bank of Armenia, in January 2026, the Central Bank intervened in the foreign exchange market for $255.1 million, strengthening the exchange rate from December's AMD 381.49 /$1 to January's AMD 379.79 /$1. These were only purchase operations. In January 2026, $571.7 million, EUR 159 million, and RUB 30.6 billion were purchased in the inteabank foreign exchange market, while $806 million, EUR 175.3 million, and RUB 8.4 billion were sold. This resulted in a January buying rate of AMD 378.53/$1, AMD 440.79 /1EUR, and AMD 4.8/1RUB, and a selling rate of AMD 380.81/$1, AMD 448.11 /1EUR, and AMD 4.94/1RUB, compared to December 2025 buying rates of AMD 380.38 /$1, AMD 442.74/1EUR, and AMD 4.83/1RUB, and selling rates of AMD 382.62 /$1, AMD 449.26 /1EUR, and AMD 4.91/1RUB, respectively. In January 2026, dollar transactions totaling $42 million, euro transactions totaling EUR 1 million, and ruble transactions totaling RUB 2.7 billion were carried out in the interbank foreign exchange market. This was accompanied by a weakening of the dram against the ruble to AMD 4.90/1RUB in January and against the euro to AMD 451.25/1EUR, and a strengthening against the dollar to AMD380.01/1$, up from AMD 4.88 /1RUB, AMD 446.80/1EUR, and AMD 381.33/1$ in December 2025, respectively.
In the foreign exchange market, dollar transactions totaling over $7.4 million were conducted in January 2026, accompanied by a strengthening of the dram to AMD379.72/1$ in January, up from AMD 387.75 /1 $ in October, when the last time dollar transactions were carried out a year earlier. 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.
