In  Armenia`s interbank foreign exchange market from December 1 to 5,  2025, dollar transactions decreased, while  ruble transactions  increased

ArmInfo. In the Armenian interbank foreign exchange market from December 1 to 5, 2025, dollar transactions decreased, while the ruble transactions significantly increased. Euro transactions have been on hold for seven months. Specifically, the decline in dollar transactions lingered at 24%,  while the growth of ruble transactions accelerated sharply from 57% to 2.1 times,  allowing the weekly volume of ruble transactions to  maintain its dominance over dollar transactions, with the gap widening from 1.2 times to 3.6 times.

In the interbank foreign exchange market, dollar purchases increased  during the reporting week (December 1-5, 2025 compared to November  24-28, 2025), while sales growth slowed sharply. In euro  transactions, the slowdown in purchase growth was accompanied by a  decline in sales, while in ruble transactions, the growth in  purchases and sales accelerated significantly. As a result, from  December 1 to 5 of this year, the dram continued to weaken against  both the dollar - from AMD 382.3 to AMD 383.5/ $1,  against the euro  - from AMD 441.8 to AMD 445.3/1 EUR, and against the ruble - from AMD  4.84 to AMD 4.95/ 1 RUB.  A year earlier, on December 5, 2024, the  dram exchange rate against the dollar was AMD 400.5/$1, against the  euro - AMD 423/1 EUR, and against the ruble - AMD 3.89 drams/1RUB.  Compared to current rates, this indicates an annual revaluation of  the dram against the dollar and a devaluation against the euro and  ruble.

According to the Central Bank of the Republic of Armenia, ruble  transactions and four dollar transactions were conducted daily in the  interbank foreign exchange market from December 1 to 5, 2025, with  both types of transactions occurring simultaneously on all days  except Friday (December 5), when only ruble transactions were  conducted. As a result, the total weekly dollar transaction volume  amounted to $6.080 million at an average rate of AMD 381.31/$1  (compared to AMD 381.28/$1 the week before), while the total weekly  ruble transaction volume amounted to 1.685 billion rubles at an  average exchange rate of AMD 4.92/1RUB (compared to AMD 4.83/1RUB the  previous week). The maximum dollar volume was recorded on Thursday  (December 4) at $3 million, while the largest ruble volume occurred  on Tuesday (December 2) at 490 million rubles.

In the interabank foreign exchange market from December 1 to 5, 2025,  compared to the previous week (24-28.11.25), the dollar buying trend  reversed from a 25% decline to an 18.3% growth with a strong slowdown  in sales growth from 28% to 0.4%; for euro transactions, the slowdown  in buying growth from 9.1% to 8.5% was accompanied by a reversal in  the sales trend from a 12% growth to an 18.2% decline; and for ruble  transactions, the growth in buying and selling accelerated from  10-12.1% to 22-19%. As a result, during the reporting week, $160.3  million was purchased at an average rate of AMD 380.08 /$1, 36.5  million euros at an average rate of AMD 438.93 /1EUR, and 12.1  billion rubles at an average rate of AMD 4.88 /1 RUB. Additionally,   $206.2 million was sold at an average rate of AMD 382.33 /$1, 47.4  million euros at an average rate of  AMD 445.99 /1 EUR, and 3.2  billion rubles at an average rate of AMD 4.99/1 RUB. 

Monday saw the highest volume of euro sales (December 1 - 11.99  million euros), followed by Tuesday, which saw the highest dollar  sales and euro purchases (December 2 - $47.4 million and 10.1 million  euros).  Wednesday saw the highest ruble sales (December 3 - 1.4  billion rubles).  Thursday saw the highest dollar and ruble purchases  (December 4 - $40.1 million and 2.9 billion rubles). According to the  Central Bank of Armenia, over the first 8 months of 2025, the Central  Bank intervened in the foreign exchange market in February-August for  a total of $1.069 billion, strengthening the exchange rate from AMD  394.19 /$1 in February to AMD 383.49 /$1 in August, and these were  only purchase operations.

In the first 8 months of 2025, there were dollar transactions  totaling $398,6 million, ruble transactions totaling 25,2 billion  rubles and  euro transactions totaling 1.9 million  in the interbank  foreign exchange market, with euro transactions carried out in  February-March and May. During this period,  the dram weakened  against the ruble in the interbank foreign exchange market, reaching  AMD 4.77 /1 RUB in July and  strengthened against the dollar to AMD  383.67/1$, compared to AMD 3.84 /1RUB and AMD 396.1 /1$ in December  2024. The largest volume of dollar transactions was completed in  January ($81 million), ruble transactions in May (7.7 billion  rubles), and euro transactions in February (1 million euros.)

After eight years of "silence," the currency 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 seven months of  2025, dollar transactions totaling $10.1 million were conducted on  the foreign exchange platform, with the dram strengthening from AMD  398.75/$1 in January to AMD 384.09/$1 in July. The currency exchange  market was active during the seven months under review, reaching its  peak monthly volume in July - $3.3 million.

Recall, ruble transactions in the Armenian interbank currency 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.