ArmInfo.From March 9-13, 2026, there was an increase in dollar and ruble transactions in the Armenian interbank foreign exchange market, while euro transactions remained stagnant for the second week. Specifically, dollar transactions saw a significant turnaround, going from a 35% decline to a 76.4% increase.
Similarly, ruble transactions went from a 78% decline to a significant 2.3-fold increase. Dollar transactions continued to dominate the weekly volume, albeit with a slightly reduced lead over ruble transactions, narrowing the gap from 4 to 3 times. During the reporting week (09-13.03.26 compared to 02-06.03.26), there was a shift in the trend of dollar buying: sales growth accelerated, reversing the previous buying trend. Euro transactions also experienced a reversal in buying trend, with an increase in the sales. Ruble transactions saw a decline in buying acceleration, along with a reversal in the sales trend to the downside.
As a result, from 9 to 13 March this year, the dram began to strengthen against the dollar - from AMD 376.8 to AMD 376.5/ $1, while continuing to strengthen against the euro - from AMD 439 to AMD 434.5/1EUR, and against the ruble - from AMD 4.75 to AMD 4.68/1RUB. A year earlier, on March 13, 2025, the dram exchange rate against the dollar was AMD 392/$1, against the euro - AMD 426/1EUR, and against the ruble - AMD 4.49/1RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar of 4%, and a devaluation against the euro and ruble of 2% and 4%, respectively.
According to the Central Bank of the Republic of Armenia, there were three dollar transactions and two and ruble transactions carried out in the interbank currency market from March 9 to 13, 2026. Moreover, both dollar and ruble transactions were conducted simultaneously on Thursday (March 12), and the platform was completely empty on Monday (March 9). As a result, the total weekly dollar transaction volume amounted to $8.820 million at an average exchange rate of AMD 378.39 /$1 (compared to AMD 378.13/$1 the week before), while the total volume of ruble transactions amounted to 230 million rubles at an average exchange rate of AMD 4.79 /1RUB (compared to AMD 4,88 drams/1RUB the previous week). The maximum dollar volume was recorded on Friday (March 13) at $4.820 million, and the largest ruble volume occurred on Wednesday (March 11) at 130 million rubles.
In the intrabank foreign exchange market from March 9 to 13 of this year, compared to the previous week (02-06.03.26), the dollar buying trend reversed from 12% growth to 18.2% decline with sales growth accelerating from 6% to 9%. For euro transactions, the buying trend also reversed from 22% growth to 4% decline with the sales trend moving from a 15.2% decline to 8.1% growth. For ruble transactions, the acceleration of the buying decline from 4.3% to 5.4% was accompanied by a reversal of the sales trend from 81% growth to a 36% decline. As a result, during the reporting week, $138.9 million was purchased at an average rate of AMD376.03/$1, 43.4 million euros at an average rate of AMD 433.63/1EUR, and 7.4 billion rubles at an average rate of AMD 4.74/1 RUB. Additionally, $192.4 million were sold at an average rate of AMD 378.63 /$1, 54.2 million euros at an average rate of AMD 439.97/1 EUR, and 3.4 billion rubles at an average rate of AMD 4.83/1 RUB. During the reporting week, the maximum volume of ruble purchases was recorded on Monday (March 9 - 1.7 billion rubles). On Wednesday, the largest volume of euro purchases was recorded (March 11 - 14.1 million euros). The maximum volumes of dollar purchases and sales (March 12 - $33.4-48.99 million) was on Thursday, and on Friday, the largest volumes of euro and ruble sales were recorded (March 13 - 13.9 million euros and 959.4 million rubles).
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 3.84/1RUB - 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.
