Source: https://rivet.global/blog/armenia-companies-managing-dram-currency-moves
Published: 2026-09-27 · Updated: 2026-09-27 · By William Sunjo M.

# Armenian companies holding dollars, euros and drams: managing currency moves

The dram's sharp moves since 2022 caught many Armenian exporters out. How to measure exposure, match currencies, and decide when to convert dollars and euros.

## Key takeaways

- Armenian exporters with dollar revenue and dram costs lose margin when the dram strengthens.
- Matching dollar costs to dollar revenue reduces the amount exposed without any financial product.
- Converting a planned amount before each payroll averages the rate and steadies the budget.
- Salary contracts benchmarked in dollars but paid in drams move part of the risk to staff; be clear which applies.

A Gyumri electronics design firm earned $2.4 million in 2021, mostly from US clients, and paid most of its costs in drams. Over the next two years the dram gained about a fifth against the dollar. Revenue in dollars rose; revenue in drams barely moved; salaries in drams went up. The firm's profit fell by half without losing a client.

## Measure the exposure

Take twelve months of figures by currency:

- revenue in dollars, euros and drams,
- costs in dollars, euros and drams.

Net dollar exposure is dollar revenue minus dollar costs. Apply a 10 percent move to it. For many Armenian exporters, that number is larger than a year of office rent.

## Match first

Some costs are already in dollars or euros: cloud services, software licences, equipment, conference travel, contractors abroad. Paying them from dollar and euro revenue shrinks the exposure and removes two conversions each time.

## Schedule the dram conversions

The rest must become drams for salaries, rent and taxes. Converting each client payment on arrival leaves the rate to chance. Converting a planned amount ahead of each payroll averages the rate and lets you budget in drams with some confidence.

## Salary clauses

Many Armenian tech companies benchmark salaries in dollars and pay the dram equivalent. When the dram strengthens, the employer pays more drams for the same dollar salary. Some companies fix salaries in drams and review them yearly instead. Either works; be explicit in contracts which one you use.

## Where Rivet fits

A Rivet business account accepts registered companies after verification, including Armenian companies. Approved companies receive dollars on US account details in their own name on every plan and euros on an IBAN from the Growth plan. Balances can be held, used to pay suppliers and contractors in 120+ countries, or converted when you choose at a rate shown before you confirm. Rivet is not a bank; regulated partner institutions hold the funds.

See [foreign exchange risk for small businesses](/blog/foreign-exchange-risk-for-small-businesses).

## Questions

### Why did the dram strengthen after 2022?

Large inflows of people, businesses and money into Armenia from 2022 raised demand for drams. The Central Bank of Armenia publishes the history.

### How do I measure my exposure?

Split twelve months of revenue and costs by currency, take net dollar revenue, and apply a plausible rate move to see the impact on profit.

### Can I pay salaries in dollars?

Armenian rules generally require payments within Armenia in drams, with exceptions. Many companies benchmark salaries in dollars and pay the dram equivalent. Check the rules with an adviser.

### When are forwards useful?

When a company has a large, predictable dram need, such as months of payroll, and a bank that offers forwards at a reasonable cost.