ArmInfo. On Armenia’s foreign exchange interbank market, both dollar and ruble transactions were actively conducted from September 14 to 18. At the same time, euro transactions have not been conducted for the third consecutive week. In particular, the trend in dollar transactions shifted from a 13.3% decline to 31% growth, while the growth in ruble transactions sharply accelerated from 30.2% to 94%. This allowed the weekly volume of ruble transactions to retain its predominance over dollar transactions, with the gap increasing from 2.2 times to 3.3 times.
At the same time, on the intrabank foreign exchange market during the reporting week (September 14-18, 2026, compared with September 7-11, 2026), the trend in dollar and euro purchases and sales turned to growth, while in ruble transactions, the acceleration in purchase growth was accompanied by sales entering a decline.
As a result, from September 14 to 18 of this year, the dram moved toward devaluation against the dollar—from 362.5 to 363.5 AMD/$1—while strengthening both against the euro, from 420.8 to 417.8 AMD/1 euro, and against the ruble, from 4.19 to 4.14 AMD/1 ruble. A year earlier, on September 18, 2025, the dram exchange rate was 382.5 AMD/$1 against the dollar, 452 AMD/1 euro against the euro, and 4.55 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%, 8% and 9%, respectively.
According to the data of the Central Bank of the Republic of Armenia, on the foreign exchange interbank market, dollar transactions were conducted four times from September 14 to 18 of this year, while ruble transactions were conducted daily; that is, dollar and ruble transactions were carried out simultaneously from Tuesday through Friday (September 15-18). As a result, the weekly volume of dollar transactions amounted to $8.5 million at an average rate of 364.06 AMD/$1 (compared with 363.72 AMD/$1 a week earlier), while the weekly volume of ruble transactions amounted to RUB 2.375 billion at an average rate of 4.30 AMD/1 RUB (compared with 4.24 AMD/1 RUB a week earlier). The largest volume of ruble transactions fell on Monday—RUB 700 million, while the maximum volume of dollar transactions “surfaced” on Wednesday (September 16)—$4.5 million.
On the intrabank foreign exchange market, from September 14 to 18 of this year, compared with the previous week (September 7-11, 2026), the trend in dollar purchases and sales shifted from a 16-12.2% decline to 8.2-42.2% growth. The same was observed in euro transactions—the trend in purchases and sales reversed from a 1-5.4% decline toward 26.2-35% growth, while in ruble transactions, the acceleration in purchase growth from 8.8% to 26.8% was accompanied by a reversal in the sales trend from 11.2% growth toward a 3.6% decline. As a result, during the reporting week, $199.7 million was purchased at an average rate of 362.32 AMD/$1, EUR 86.1 million at an average rate of 416.89 AMD/1 EUR, and RUB 11.4 billion at an average rate of 4.23 AMD/1 RUB, while $252.8 million was sold at an average rate of 364.67 AMD/$1, EUR 64.7 million at an average rate of 422.62 AMD/1 EUR, and RUB 3.5 billion at an average rate of 4.34 AMD/1 RUB. On the intrabank foreign exchange market, the maximum volume of ruble purchases was recorded on Monday (September 14—RUB 2.7 billion); the next day, Tuesday, the largest volume of dollar sales “surfaced” (September 15—$83.7 million); on Wednesday, the maximum volume of euro sales was recorded (September 16—EUR 15.5 million); Thursday saw the largest volume of ruble sales (September 17—RUB 1.5 billion); and on Friday, the maximum volumes of dollar and euro purchases were recorded (September 18
—$53.9 million and EUR 30.9 million).
According to the data of the Central Bank of the Republic of Armenia, in January-July 2026, the Central Bank conducted interventions totaling $1.510 billion on the foreign exchange market, strengthening the exchange rate from 381.49 AMD/$1 in December to 367.74 AMD/$1 in July, and these were exclusively purchase operations.
On the intrabank foreign exchange market, in January-July 2026, $5.5 billion, EUR 1.4 billion and RUB 266.6 billion were purchased, while $6.1 billion,
EUR 1.7 billion and RUB 102.02 billion were sold. This formed a purchase rate on the intrabank foreign exchange market in July of 365.49 AMD/$1, 415.46 AMD/1 euro and 4.56 AMD/1 ruble, and a sales rate of 367.94 AMD/$1, 421.89 AMD/1 euro and 4.75 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, dollar transactions totaling $369.7 million, euro transactions totaling EUR 10.3 million and ruble transactions totaling
RUB 26.97 billion were conducted in January-July 2026. Moreover, no euro transactions were conducted from March through June. During this period, on the foreign exchange interbank market, the dram strengthened both against the dollar, to 367.44 AMD/$1, and against the ruble, to 4.70 AMD/1 ruble, from the December 2025 levels of 381.33 AMD/$1 and 4.88 AMD/1 ruble, respectively. It should be recalled that ruble transactions on Armenia’s foreign exchange interbank market began on March 14, 2022.
On the exchange foreign currency platform, dollar transactions totaling $28.5 million were conducted in January-July 2026, accompanied by a strengthening of the dram to 367.40 AMD/$1 in July from 387.75 AMD/$1 in October, when dollar transactions last “surfaced” on the exchange a year earlier.
