ArmInfo. On Armenia’s foreign exchange interbank market, dollar transactions declined from September 7 to 11, while ruble transactions increased. Alongside this, no euro transactions were conducted for the second week in a row. In particular, the weekly volume of dollar transactions decreased by 13.3%, while the trend in ruble transactions shifted from a 47% decline to 30.2% growth. This enabled the weekly volume of ruble transactions to retain its lead over dollar transactions, with the gap increasing from 1.4 times to 2.2 times.
At the same time, on the intrabank foreign exchange market during the reporting week (07-11.09.26 compared with 31.08- 04.09.26), the trend in dollar and euro purchases and sales reversed toward a decline, while ruble transactions showed the opposite picture—the trend in purchases and sales shifted into growth.
As a result, from September 7 to 11 of this year, the dram began strengthening against the dollar—from 363.3 to 362.5 AMD/$1, while "freezing" against the euro at 420.8 AMD/1 euro, and turning toward depreciation against the ruble—from 4.07 to 4.19 AMD/1 ruble. A year earlier, on September 11, 2025, the dram exchange rate was 383.5 AMD/$1 against the dollar, 448 AMD/1 euro against the euro, and 4.47 AMD/1 ruble against the ruble, which, compared with current rates, indicates an annual appreciation of the dram against the dollar, euro and ruble by 5%, 6% and 6%, respectively.
According to the data of the Central Bank of the Republic of Armenia, from September 7 to 11 of this year, dollar transactions were conducted twice and ruble transactions four times on the foreign exchange interbank market. Moreover, dollar and ruble transactions were carried out simultaneously on Wednesday and Friday (September 9 and 11). The interbank foreign exchange platform was completely inactive on Thursday (September 10). As a result, the weekly volume of dollar transactions amounted to $6.5 million at an average rate of 363.72 AMD/$1 (compared with 364.46 AMD/$1 a week earlier), while the weekly volume of ruble transactions amounted to RUB 1.225 billion at an average rate of 4.24 AMD/1RUB (compared with 4.19 AMD/1RUB a week earlier). The maximum volume of both dollar and ruble transactions was "recorded" on Thursday (September 9)—$3.5 million and RUB 400 million.
On the intrabank foreign exchange market from September 7 to 11 of this year, compared with the previous week (31.08-04.09.26), the trend in dollar purchases and sales shifted from 30.4-4.4% growth toward a 16-12.2% decline; the same was observed in euro transactions—the trend in purchases and sales shifted from 35-3.1% growth toward a 1-5.4% decline, while ruble transactions showed the opposite picture—the trend in purchases and sales shifted from a 9-34.3% decline to 8.8-11.2% growth. As a result, during the reporting week, $184.6 million was purchased at an average rate of 362.49 AMD/$1, EUR 68.3 million at an average rate of 419.32 AMD/1EUR, and RUB 9.02 billion at an average rate of 4.17 AMD/1RUB, while $177.8 million was sold at an average rate of 364.57 AMD/$1, EUR 47.9 million at an average rate of 425.70 AMD/1EUR, and RUB 3.7 billion at an average rate of 4.28 AMD/1RUB. On the intrabank foreign exchange market, the maximum volume of ruble purchases was recorded on Monday (September 7—RUB 2.1 billion); a day later, on Wednesday, the largest volume of dollar sales was "recorded" (September 9—$41.5 million and EUR 12.5 million); then, on Thursday, the maximum volumes of dollar and euro purchases were recorded (September 10—$46.9 million and EUR 33.5 million), while Friday saw the largest volumes of euro and ruble sales (September 11—EUR 10.7 million and RUB 1.2 billion).
According to the data of the Central Bank of the Republic of Armenia, during the first half of 2026, the Central Bank conducted interventions worth $1.161 billion on the foreign exchange market, strengthening the exchange rate from 381.49 AMD/$1 in December to 368.20 AMD/$1 in June, and these were exclusively purchase operations.
On the intrabank foreign exchange market during the first half of 2026, $4.5 billion, EUR 1.1 billion and RUB 224.4 billion were purchased, while $5.05 billion, EUR 1.4 billion and RUB 83.7 billion were sold. This resulted in a June purchase rate on the intrabank foreign exchange market of 367.17 AMD/$1, 421.72 AMD/1 euro and 4.90 AMD/1 ruble, and a sales rate of 369.26 AMD/$1, 427.83 AMD/1 euro and 5.07 AMD/1 ruble, compared with the December 2025 rates of 380.38 AMD/$1, 442.74 AMD/1 euro and 4.83 AMD/1 ruble for purchases, and 382.62 AMD/$1, 449.26 AMD/1 euro and 4.91 AMD/1 ruble for sales.
On the foreign exchange interbank market during the first half of 2026, dollar transactions totaling $334.3 million were conducted, along with euro transactions totaling EUR 5.3 million and ruble transactions totaling RUB 21.4-22.2 billion. Moreover, no euro transactions were conducted from March through June. During this period, the dram weakened against the ruble to 5.01 AMD/1 ruble and strengthened against the dollar to 368.34 AMD/$1, compared with the December 2025 levels of 4.88 AMD/1 ruble and 381.33 AMD/$1, respectively. It should be recalled that ruble transactions on Armenia’s foreign exchange interbank market began on March 14, 2022.
During the first half of 2026, dollar transactions totaling $26.4 million were conducted on the exchange foreign exchange platform, accompanied by a strengthening of the dram to 368.38 AMD/$1 in June from 387.75 AMD/$1 in October, when dollar operations last on the exchange a year earlier.
