ArmInfo. From November 9 to 13, dollar transactions on the Armenian interbank currency market jumped, while ruble transactions continued to decline. Meanwhile, euro transactions have been suspended for over a month. Specifically, dollar transactions reversed a 7% decline to a significant 2.2-fold increase, while ruble transactions remained in decline, albeit with a noticeable slowdown from 34% to 4.4%. This allowed the weekly volume of dollar transactions to regain its lead over ruble transactions, but only by a small margin. A week earlier, ruble transactions retained their dominance, with the gap between them and dollar transactions then narrowing from 3.1 times to 2.2 times.
At the same time, in the intrabank foreign exchange market during the reporting week (November 9-13, 2026 compared to November 2-6, 2026), dollar purchases began to decline more rapidly as sales entered a decline. Euro transactions saw a sharp slowdown in the growth of purchases and an acceleration in the decline in sales, while in ruble transactions, a slowdown in the decline in purchases was accompanied by an acceleration in the decline in sales.
As a result, from November 9 to 13 of this year, the dram "froze" The dram has appreciated against the dollar at 360.3 drams/$1, while strengthening against the euro from 402.5 to 400.3 drams/$1, and is poised to depreciate against the ruble from 4.17 to 4.18 drams/$1. A year earlier, on November 13, 2025, the dram exchange rate against the dollar was 383.5 drams/$1, against the euro – 443.5 drams/$1, and against the ruble – 4.71 drams/$1. Compared to current rates, this indicates an annual revaluation of the dram against the dollar, euro, and ruble by 6%, 10%, and 11%, respectively.
According to the Central Bank of Armenia, dollar transactions and four ruble transactions were conducted daily on the interbank currency market from November 9 to 13 of this year. Moreover, simultaneous ruble and dollar transactions were conducted on all days except Tuesday (November 10). As a result, the total volume of dollar transactions amounted to $15.5 million at an average exchange rate of 360.66 drams/$1 (versus 360.28 drams/$1 the week before), while the weekly volume of ruble transactions amounted to 1.2 billion rubles at an average exchange rate of 4.37 drams/RUB (versus 4.41 drams/RUB the week before). The maximum volume of both dollar and ruble transactions "appeared" on Thursday (November 12) - $5.5 million and 525 million rubles.
On the intrabank foreign exchange market from November 9 to 13 of this year. Compared to the previous week (02-06.11.26), the decline in dollar purchases accelerated from 8.2% to 9.4% with a reversal in the sales trend from 65.5% growth to 35.3% decline. In euro transactions, there was a slowdown in the growth of purchases from 26.4% to 1.6% and an acceleration in the decline in sales from 3% to 23.1%, and in ruble transactions, a slowdown in the decline in purchases from 11.3% to 3.4% was accompanied by an acceleration in the decline in sales from 1.5% to 5.7%. As a result, during the reporting week, $162.4 million was purchased at an average rate of 359.46 drams/$1, 58.6 million euros at an average rate of 399.46 drams/1EUR, and 8.3 billion rubles. at an average rate of 4.28 drams/1RUB, and $189.8 million were sold at an average rate of 361.43 drams/$1, 52.7 million euros at an average rate of 405.16 drams/1EUR, and 3.9 billion rubles at an average rate of 4.40 drams/1RUB. On the intra-bank foreign exchange market, the maximum volumes of dollar purchases and sales were recorded on Tuesday (November 10 - $46.3 million and $46.5 million), the next day - Wednesday - "showed up" The largest volumes of euro and ruble sales (November 11 - 11.9 million euros and 979.9 million rubles), followed by the highest volumes of euro and ruble purchases on Thursday (November 12 - 17.5 million euros and 1.8 billion rubles).
According to the Central Bank of Armenia, in the first nine months of 2026, the Central Bank intervened in the foreign exchange market for $1.979 billion, strengthening the exchange rate from 381.49 drams/$1 in December to 364.06 drams/$1 in September, and these were only purchase operations.
In the intrabank foreign exchange market, in the first nine months of 2026, $7.2 billion, 1.9 billion euros, and 342.7 billion rubles were purchased, while $8 billion, 2.1 billion euros, and 132.9 billion rubles. This resulted in a purchase rate of 362.44 drams/$1, 416.11 drams/€1, and 4.20 drams/€1 on the intrabank foreign exchange market in September, and a sale rate of 364.62 drams/$1, 421.49 drams/€1, and 4.31 drams/€1, compared to the December 2025 rates of 380.38 drams/$1, 442.74 drams/€1, and 4.83 drams/€1 for purchases, and 382.62 drams/$1, 449.26 drams/€1, and 4.91 drams/€1 for sale.
On the interbank foreign exchange market, over the first 9 months of 2026, dollar transactions totaled $463.7 million, euro transactions totaled 26.3 million, and ruble transactions totaled 26.3 million. -
40.5 billion rubles. Moreover, no euro transactions were made in March-June or September. On the interbank currency market during this period, the dram strengthened against both the dollar to 363.58 drams/$1 and the ruble to 4.28 drams/ruble, compared to December 2025 levels of 381.33 drams/$1 and 4.88 drams/ruble, respectively. Since no euro transactions were conducted on the interbank currency market in September, according to August data, the dram strengthened against the euro to 423.90 drams/EUR from 446.78 drams/EUR in December 2025.
As a reminder, ruble transactions on the Armenian interbank currency market began on March 14, 2022.
Dollar transactions worth $30.192 million were conducted on the currency exchange platform during the first nine months of 2026, accompanied by a strengthening of the dram to 364 drams/USD in September from 381.25 drams/USD in December 2025. In fact, the volume of dollar transactions conducted on the currency exchange platform during the first nine months of 2026 was slightly higher than for the entire year of 2025 ($29.4 million).
