In August, Armenia's gross international reserves reached a record $6.5 billion, which corresponds to 4.3 months of import coverage. As the World Bank notes in its September country economic review, significant remittances and capital inflows were the main factors. In July, net non-commercial transfers increased 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 exchange 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, on the contrary, weakened by 8.6% against the Russian ruble.
According to the Armenian banking system, the net inflow of cross-border transfers in favor of 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 in the same month of 2025 it was $129 million.