ArmInfo. From April 20 to 23, 2026, Armenia's interbank foreign exchange market saw a continued rise in dollar transactions, while ruble transactions continued to decline. Euro transactions haven't been conducted for two consecutive months. Specifically, the growth of dollar transactions slowed from a 5.1 fold increase to 54%, while the decline in ruble transactions slowed from 19% to 8%.
Consequently, the weekly volume of dollar transactions maintained its dominance over ruble transactions, with the gap increasing from 3-fold to 5-fold. At the same time, in the interbank foreign exchange market during the reporting week (April 20-23, 2026 compared to April 13-17, 2026), the buying and selling trend of dollars, euros, and rubles reversed from growth to decline.
As a result, from April 20 to 23, the dram continued to strengthen against the dollar, from AMD 372.5 to AMD 371.3/1$, while also strengthening against the euro from AMD 438 to AMD 435/1EUR, and continuing to weaken against the ruble, from AMD 4.86 to AMD 4.88/1RUB. A year earlier, on April 23, 2025, the dram exchange rate against the dollar was AMD 390/$1, against the euro – AMD 444.5 /1 EUR, and against the ruble – AMD 4.69/1 RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar and euro of 5% and 2%, respectively, and a devaluation against the ruble of 4%.
According to the Central Bank of the Republic of Armenia, from April 20 to 23, 2026, (April 24 is a non- working day), both USD and RUB transactions were conducted simultaneously in the interbank foreign exchange market every day. As a result, the total weekly volume of dollar transactions amounted to $43 million at an average rate of AMD 372.37/$1 (compared to AMD 374.43/$1 the week before), while the total weekly volume of ruble transactions decreased to 691 million rubles at an average exchange rate of AMD4.95/1RUB (compared to AMD 4.94 /1RUB the previous week). The peak volume of USD was recorded on Wednesday (April 22) at $15.5 million, while the largest ruble volume occurred on Monday (April 20) at 300 million rubles.
In the intrabank foreign exchange market from April 20 to 23, 2026, compared to the previous week (13- 17.04.26), the trend of buying and selling dollars reversed from 9.4-4.7% growth towards 28-30.3% decline, which was also observed in euro transactions - the trend of buying and selling reversed from 36.3- 36% growth towards 40-37% decline, and in ruble transactions - the trend of buying and selling reversed from 43-24% growth towards 35-25.5% decline. As a result, during the reporting week, $130.8 million was purchased at an average rate of AMD 371.08/$1, 35.9 million euros at an average rate of AMD 434.13 /1EUR, and 7.8 billion rubles at an average rate of AMD 4.90/1 RUB. Additionally, $127.6 million were sold at an average rate of AMD 373.65 /$1, 37.5 million euros at an average rate of AMD 440.85 /1 EUR, and 2.1 billion rubles at an average rate of AMD 5.01/1 RUB.
During the reporting week, the maximum volume of euro purchases was recorded on Monday (April 20 - 12.7 million euros), the largest volume of dollar purchases and euro sales was recorded on Tuesday (April 21 - $44 million and 14.7 million euros). On Wednesday, the maximum volumes of dollar and ruble sales were recorded (April 22 - $42.9 million and 805.2 million rubles). The largest volume of ruble purchases occurred on Thursday (April 23 - 2.4 billion rubles).
According to the Central Bank of Armenia, in January-February 2026, the Central Bank intervened in the foreign exchange market totaling $571.9 million, strengthening the exchange rate from AMD 381.49 /$1 in December to AMD 378.26/$1 in February. In the interbank foreign exchange market in January-February 2026, USD 1.223 billion, EUR 307.8 million, and RUB 62.8 billion were purchased, while USD 1.473 billion, EUR 388.8 million, and RUB 20.8 billion were sold. This formed the purchase rate in February in the interbank foreign exchange market at the level of AMD 376.25/$1, AMD 442.91 /1EUR and AMD 4.87/1 RUB, and the selling rate at the level of AMD 378.64 /$1, AMD 449.22/1 EUR and AMD 4.97/1RUB against the December 2025 rates of AMD 380.38/$1, AMD 442.74 /1EUR, AMD 4.83/1 RUB - for buying, and AMD 382.62/$1, AMD 449.26 /1EUR, AMD 4.91/1 RUB - for selling.
In January-February 2026, dollar transactions totaled $66.9 million, euro transactions totaled 5.3 million, and ruble transactions totaled 4.4 billion. This was accompanied by a weakening of the AMD against the RUB to February's AMD 4.91/1RUB and against the EUR to AMD 447.18 /1EUR, and a strengthening against the USD to AMD 377.87 /$1, up from December 2025's AMD 4.88 /1RUB, AMD 446.80 /1EUR, and AMD 381.33/$1, respectively. Dollar transactions totaling $10.2 million were conducted in the foreign exchange market in January-February 2026, accompanied by a strengthening of the dram to AMD 377.63 /$1 in February, up from AMD 387.75/$1 in October. The last time dollar transactions had occurred on the exchange a year earlier.
For the entire period of 2025, the Central Bank intervened in the foreign exchange market in February- December totaling $1.796 billion, strengthening the exchange rate from AMD 394.19/$1 in February to AMD 381.49 /$1 in December. These were only buying operations. In the interbank foreign exchange market for the whole of 2025, $7.6 billion, EUR 2.03 billion and RUB 676.7 billion were purchased, and $10.6 billion, EUR 3.2 billion and RUB 177.4 billion were sold, which formed the purchase rate in December at the level of AMD 380.38/$1, AMD 442.74/1EUR and AMD 4.83 /1 RUB, and the selling rate at the level of AMD 382.62 /$1, AMD 449.26 /1EUR and AMD 4.91/1RUB (compared to December 2024 AMD 394.84/$1, AMD 413.75/1EUR, AMD 3.84/1 RUB - for buying, and AMD 398.16 /$1, AMD 420.09 /1 EUR, AMD 3.97/1RUB - for sale).
In the interbank foreign exchange market for the whole of 2025, dollar transactions totaled over $567 million and ruble transactions totaled 39.5 billion rubles, while euro transactions totaled 5.9 million euros in February-March, May, and December alone. This was accompanied by a weakening of the dram against the ruble to AMD 4.88 /1RUB in December and against the euro to AMD 446.8 /1EUR, and a strengthening against the dollar to AMD 381.33/$1, up from AMD 3.84 /1RUB, AMD 414.25/EUR, and AMD 396.1/$1 in December 2024, respectively. In 2025, the largest volume of dollar transactions in the interbank currency market was recorded in January ($81 million), ruble transactions in May (RUB 7.7 billion), and euro transactions in December (EUR 4 million). Recall, ruble transactions in the Armenian interbank foreign exchange market began on March 14, 2022.
The currency exchange platform, after an eight-year "silence," resumed operations in June 2024. Over the five months (June-October), the total dollar transaction volume amounted to $14.7 million, accompanied by a strengthening of the dram from AMD 388.90/$1 in June to AMD 387.75s/$1 in October. In November- December 2024, the currency exchange platform was empty. Over the entire year of 2025, dollar transactions worth $29.4 million were completed in the foreign exchange market, accompanied by a strengthening of the dram from AMD 398.75 in January to AMD 381.25/1$ in December. The foreign exchange market remained active throughout 2025, reaching its maximum monthly volume in November – $8.8 million.
