Armenia’s Foreign Exchange Market Stabilizes: Dram Maintains Low Volatility Levels

According to Central Bank data and analysis by the AFM team, Armenia's forex market entered a stability phase in 2026 following the sharp appreciation of the Dram in 2022–2023.

Key Market Shifts

1․ Dram Stabilizes Following Appreciation Period

In the second half of 2025, the AMD/USD exchange rate settled within the 383–395 range, compared to over 450 AMD/USD in early 2023.

As of March 17, 2026, the rate holds at 377–384 AMD/USD, representing the lowest volatility seen in recent years.

This indicates a market transition to a balanced state following the capital inflows from Russia that previously drove the Dram’s strength.

2․ Euro Remains Above 430 AMD

In March 2026, the EUR/AMD rate remained steady between 432–434 per Euro.

However, the Euro is still significantly lower than the 500+ AMD levels recorded prior to mid-2023. This suggests that the Dram has structurally strengthened not only against the Dollar but also against the Euro.

3․ Ruble Remains Under Pressure

The RUB/AMD rate fluctuates between 4.55–4.80, remaining below historical levels of 5+ AMD.

This weaker Ruble makes imports from Russia more cost-effective for Armenian businesses.

What This Means

1. A stable Dram reduces exchange rate risks for both businesses and the general public.
2. Imports become more predictable, particularly those from Russia.
3. Exporters may face pressure as a strong Dram reduces their foreign currency earnings.
4. Low volatility is a sign of market maturity, but also points to a slowdown in external capital inflows.