ArmInfo.In the Armenian interbank foreign exchange market from February 9 to 13, 2026, both dollar and ruble transactions continued to decline, while euro transactions resumed. The decline in dollar transactions slowed from 24% to 3.4%, while ruble transactions declined from 69% to 4%. This resulted in the weekly volume of dollar transactions maintaining its dominance over ruble transactions, with the gap widening from 2.2 to 2.3 times.
Meanwhile, the interbank foreign exchange market saw a reversal of the dollar, euro, and ruble buying and selling trend during the reporting week (February 9-13, 2026, compared to February 2-6, 2026). As a result, from February 9-13, the dram continued to strengthen against the dollar, from AMD377 to AMD 376.8 per US dollar, while depreciating against the euro, from AMD 444 to AMD 446.5 per euro, and slightly strengthening against the ruble, from AMD 4.88 to AMD 4.87 per ruble. A year earlier, on February 13, 2025, the dram exchange rate against the dollar was AMD 396.5/$1, against the euro - AMD 415 drams/1EUR, and against the ruble - AMD 4.30/1RUB. 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 the Republic of Armenia, from February 9 to 13, 2026, there were three dollar transactions and three ruble transactions in the interbank foreign exchange market, and only one euro transaction. The platform was completely empty on Monday and Wednesday (February 9 and 11). On the remaining days, both dollar and ruble transactions were conducted simultaneously, with a single euro transaction taking place on Thursday (February 12). As a result, the total weekly dollar transaction volume was $7 million at an average exchange rate of AMD 378 /$1 (compared to AMD 378.35/$1 the week before), the total ruble transaction volume was 240 million rubles at an average exchange rate of AMD 4.89 /1 RUB (compared to AMD 4.90 /1 RUB the week before), and the volume of a single euro transaction was 2 million euros at an average exchange rate of AMD 448.50/1 EUR. The maximum dollar transaction volume was recorded on Thursday (February 12) at $4 million. On the same day (February 12) and the following day (February 13) the highest volume of ruble transactions was observed - 100 million rubles each.
In the intrabank foreign exchange market from February 9-13, 2026, compared to the previous week (02- 06.02.26), the buying and selling trend in dollar transactions reversed from 42.4-14% growth towards 17- 21% decline. This trend was observed both in euro transactions - the buying and selling trend reversed from 45.3-75% growth towards 8-5% decline, and in ruble transactions - the buying and selling trend reversed from 14-73% growth towards 14-57% decline. As a result, during the reporting week, $167.5 million was purchased at an average rate of AMD 375.92/$1, 37.97 million euros at an average rate of AMD 444.14 /1EUR, and 6.7 billion rubles at an average rate of AMD 4.85/1 RUB. Additionally, $154.3 million were sold at an average rate of AMD 378.61/$1, 50.8 million euros at an average rate of AMD 450.67/1 EUR, and 2.1 billion rubles at an average rate of AMD 4.95/1 RUB. During the reporting week, the maximum volumes of dollar sales and euro and ruble purchases occurred on Tuesday (February 10 - $46.9 million, 11.99 million euros, and 1.6 billion rubles. The largest volume of dollar purchases was recorded (February 11 - $51.95 million) on Wednesday, and the maximum volumes of euro and ruble sales were recorded (February 12 - 16.02 million euros and 505.4 million rubles) on Thursaday. According to the Central Bank of Armenia, over the 11 months of 2025, the Central Bank carried out interventions 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, and 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 interbank foreign exchange market of AMD 380.69 /$1, AMD 437.72/1EUR, and AMD 4.71/1 RUB, and a selling rate of AMD 383.12/$1, AMD 444.28 /1 EUR, and AMD 4.81/1RUB, compared to December 2024 rates of AMD 394.84/$1, AMD 413.75 /1 EUR, and AMD 3.84/1 RUB for buying, and AMD 398.16 /$1, AMD 420.09/1 EUR, and AMD 3.97 /1 RUB for selling.
In the interbank foreign exchange market, over the 11 months of 2025, dollar transactions totaling over $522 million and ruble transactions totaling 34.6 billion rubles were concluded. Euro transactions totaling 1.9 million euros were concluded only in February-March and May. This was accompanied by a weakening of the dram against the ruble, reaching AMD 4.75/1RUB in November and a strengthening against the dollar to AMD 381.95 /1$, compared to AMD3.84 /1 RUB and AMD 396.1/1$ in December 2024, respectively. In the interbank foreign exchange market over this period, the largest volume of dollar transactions was concluded 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 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.
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
