Armenia's Dram Strengthens Amid Dollar Transaction Decline

The Armenian interbank currency market saw significant shifts in transaction volumes from August 24 to 28, with a decline in dollar transactions accompanied by an increase in euro and ruble transactions.

Dollar transactions declined from 3% to 56%, while ruble activity remained stable at 24%. In contrast, euro transactions skyrocketed ninefold during this period.

As a result, the weekly volume of ruble transactions surpassed both dollar and euro transactions. Moreover, the dram continued to strengthen against the dollar, euro, and ruble, appreciating by 5% and 14% annually against these currencies, respectively.