August 28, 2024, Yerevan
Considering the information recently spread on social networks that the volume of rubles exchange has sharply increased in Armenia, especially in the Tavush region, the “Free Citizen” NGO has sent a request to the Chairman of the Central Bank of the Republic of Armenia, Martin Galstyan
Reqest
Dear Mr. Galstyan, We kindly ask the “Free Citizen” Civic Initiatives Support Center NGO /registration number xxxx/ to provide the following information:
1. Information on foreign currency transactions carried out in currency exchange points operating in all regions of the Republic of Armenia and the city of Yerevan during the period from March 1 to May 17, 2023, and from March 1 to May 17, 2024, by days, currencies, and type of transaction.
2. Information on foreign exchange transactions carried out in banks and their branches operating in all regions of the Republic of Armenia and the city of Yerevan during the period from March 1 to May 17, 2023, and from March 1 to May 17, 2024, by days, currencies, and type of transaction.
3. Information on transactions carried out in currency exchange points operating in the villages of Kirants, Voskepar, Baghanis, Berkaber of the Republic of Tavush region of the Republic of Armenia during the period from March 1 to May 17, 2023, and from March 1 to May 17, 2024, by days, currencies, and type of transaction.
4. Information on transactions carried out in banks and their branches operating in the villages of Kirants, Voskepar, Baghanis, Berkaber of the Republic of Tavush region of the Republic of Armenia during the period from March 1 to May 17, 2023, and from March 1 to May 17, 2024, by days, currencies, and type of transaction. Information on transactions carried out during the period from March 1 to May 17, by day, currency, and type of transaction.
5. For all the above cases, please separate the statistics of purchase and sale transactions amounting to 500 USD and more and 40,000 RUB and more.
Thank you in advance,
respectfully, Hovsep Khurshudyan
Yerevan, May 22, 2024
In response to the request, the Central Bank of the Republic of Armenia sent a response, which you can read here and here (in Armenian).
Based on the response provided, Narek Veranyan, a partner at the “Free Citizen” CISC NGO and a statistics specialist, conducted this analysis (in Armenian).
The report shows that indeed, in the period from March 1 to May 17, 2024, compared to the same period of the previous year, the banks of the Republic of Armenia observed an increase in the average daily volume of ruble purchases (an increase in the average daily volume of 11,700,000,000.0 AMD after exchange rate adjustment, p<0.001), a decrease in the average daily volume of dollar purchases (a decrease in the average daily volume of 2,400,000,000.0 AMD after exchange rate adjustment, p<0.001), as well as a tendency to decrease the average daily volume of euro purchases (a decrease in the average daily volume of 323,000,000.0 AMD after exchange rate adjustment, p=0.056).
2024 In the period from March 1 to May 17, compared to the same period of the previous year, in the currency exchange points of the Republic of Armenia, despite various changes in some regions, an increase in the average daily volume of foreign currency purchases was recorded throughout the republic (14,200,000.0 AMD average daily volume increase after exchange rate adjustment, p<0.001), which was exclusively as a result of an increase in the average daily volume of Russian ruble purchases (135,000,000.0 AMD average daily volume increase after exchange rate adjustment, p<0.001), while no statistically significant change was recorded for the dollar and euro. The largest increase was in the capital Yerevan, followed by the Kotayk and Armavir regions. The relatively large difference in the Lori region is statistically significant.
You can watch Hovsep Khurshudyan’s interview about this here (in Armenian).
