In August, Armenia's gross international reserves reached a record $6.5 billion, equivalent to 4.3 months of import coverage. As noted by the World Bank in its September country economic update, significant remittances and capital inflows were the main factors. In July, net non-commercial transfers grew by 40% year-on-year, with inflows from Russia increasing by 37.3%. The bank also noted the continued influx of Russians into Armenia.
The increase in foreign currency inflows also affected the national currency exchange rate. In August, the dram strengthened against the dollar by 0.4% compared to July, and against the euro by 1.1%. Year-on-year, the Armenian currency became 4.6% stronger against the dollar, but conversely, weakened by 8.6% against the Russian ruble.
According to the Armenian banking system, the net inflow of cross-border transfers to individuals for January–July 2026 amounted to $1.56 billion, compared to $716.6 million a year earlier. In July alone, the figure reached $179.1 million, while for the same month in 2025, it was $129 million.