ArmInfo. From September 22 to 25, dollar activity on the Armenian interbank currency market remained steady, while ruble activity declined. Furthermore, euro transactions have been suspended for a month. Specifically, dollar transactions accelerated from 31% to 65%, while ruble transactions reversed from a 94% increase to a 27.4% decline. Nevertheless, the weekly volume of ruble transactions remained higher than dollar transactions, but the gap narrowed from 3.3 times to 1.5 times.
Concurrently, in the intrabank foreign exchange market during the reporting week (September 22-25, 2026 compared to September 14-18, 2026), the trend of dollar buying and selling declined. For euro transactions, the decline in buying was accompanied by a sharp slowdown in sales growth, and for ruble transactions, buying began to decline, while the decline in sales accelerated significantly.
As a result, from September 22 to 25 of this year. The dram is set to appreciate against the dollar, from 363.5 to 362.3 drams per US dollar, while continuing to strengthen against both the euro, from 417.8 to 412.8 drams per euro, and the ruble, from 4.14 to 4.09 drams per ruble. A year earlier, on September 25, 2025, the dram exchange rate against the dollar was 382.5 drams per US dollar, against the euro - 449 drams per euro, and against the ruble - 4.56 drams per ruble. Compared to current rates, this indicates an annual appreciation of the dram against the dollar, euro, and ruble by 5%, 8%, and 10%, respectively.
According to the Central Bank of Armenia, on the interbank currency market from September 22 to 25 of this year, (September 21 is a non-working day) both dollar and ruble transactions were conducted daily. As a result, the weekly dollar transaction volume amounted to $14 million at an average exchange rate of 363.50 drams/$1 (versus 364.06 drams/$1 the week before), while the weekly ruble transaction volume amounted to 1.725 billion rubles at an average exchange rate of 4.30 drams/RUB (the same as the week before). The largest volume of ruble transactions occurred on Tuesday (September 22) – 750 million rubles, while the maximum dollar transaction volume was recorded on Friday (September 25) – $6 million.
From September 22 to 25 of this year, the intrabank foreign exchange market saw... Compared to the previous week (14-18.09.26), the trend of buying and selling dollars reversed from 8.2-42.2% growth towards 18.5-19.1% decline; for euro transactions, the reversal of the buying trend from 26.2% growth towards 50.8% decline was accompanied by a strong slowdown in sales growth from 35% to 3.1%, and for ruble transactions, there was a 23.7% decline in buying (from 26.8% growth the week before) with an acceleration of the decline in sales from 3.6% to 23%. As a result, during the reporting week, $162.8 million was purchased at an average rate of 362.26 drams/$1, 42.4 million euros at an average rate of 412.89 drams/1EUR, and 8.7 billion rubles. at an average rate of 4.22 drams/1RUB, and $204.4 million were sold at an average rate of 364.62 drams/$1, 66.8 million euros at an average rate of 419.08 drams/1EUR, and 2.7 billion rubles at an average rate of 4.34 drams/1RUB. On the intra-bank currency market, the maximum volume of ruble purchases was recorded on Tuesday (September 22 - 2.99 billion rubles), the next day - Wednesday, The largest volumes of dollar sales and euro purchases were recorded on September 23 (September 23 - $61.3 million and €15.7 million). Then, on Thursday, the maximum volumes of dollar purchases and euro sales were recorded (September 24 - $46.98 million and €27.8 million). Friday saw the largest volume of ruble sales (September 25 -
RUB 828.7 million).
According to the Central Bank of Armenia, from January to July 2026, the Central Bank intervened in the foreign exchange market for $1.510 billion, strengthening the exchange rate from 381.49 drams/$1 in December to 367.74 drams/$1 in July, and these were only purchase operations.
On the intrabank foreign exchange market, from January to July 2026, $5.5 billion, €1.4 billion, and 266.6 billion rubles, with $6.1 billion sold.
€1.7 billion and 102.02 billion rubles. This resulted in a purchase rate of 365.49 drams/$1, 415.46 drams/€1, and 4.56 drams/€1 on the intrabank foreign exchange market in July, while the selling rate was 367.94 drams/$1, 421.89 drams/€1, and 4.75 drams/€1, compared to the December 2025 rates of 380.38 drams/$1, 442.74 drams/€1, and 4.83 drams/€1 for purchases, and 382.62 drams/$1, 449.26 drams/€1, and 4.91 drams/€1 for sale.
On the interbank foreign exchange market from January to July 2026, dollar transactions totaled $369.7 million, euro transactions totaled €10.3 million, and Ruble -
26.97 billion rubles. Moreover, no euro transactions were made between March and June. On the interbank currency market during this period, the dram strengthened against both the dollar to 367.44 drams/$1 and the ruble to 4.70 drams/ruble, compared to December 2025 levels of 381.33 drams/$1 and 4.88 drams/ruble, respectively. As a reminder, ruble transactions on the Armenian Interbank Currency Market began on March 14, 2022.
From January to July 2026, dollar transactions worth $28.5 million were conducted on the currency exchange platform, accompanied by a strengthening of the dram to 367.40 drams/$1 in July, up from 387.75 drams/$1 in October, the last time dollar transactions were seen on the exchange a year earlier.
