Armenian dram

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Dram

Image:500 Dram note.JPG
500 Dram note

Symbol:

None

1/100th unit:

luma

USD exchange:

452 (July 2005)

GBP exchange:

790 (July 2005)

The Dram (AMD) is the monetary unit of Armenia. It is subdivided into 100 luma. The word "dram" translates into English as "money", and is cognate with the Greek drachma. The Central Bank of Armenia has the exclusive right of issuing the national currency according to Armenian Law.

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History

Image:100dram-old.jpg For earlier Armenian currency, see Armenian ruble.

The first instance of a Dram currency in Armenia was in the period from 1199 to 1375 when silver coins were called dram.

On 21 September 1991 a national referendum proclaimed Armenia as an independent Republic from the Soviet Union. The Central Bank of Armenia was adopted on 27 March 1993, under the governorship of Isahak Isahakyan. However the old soviet bank notes were standard tender until November 2003. The modern Dram came into effect on 22 November 1993, at a rate of 200 rubles = 1 dram (1 USD : 14.5 AMD). Banknotes of 10, 25, 50, 100, 200 and, 500 dram were issued, whilst, on 21 January 1994, the Central Bank of Armenia began minting 10, 20, 50 luma and 1, 3, 5, 10 dram coins. The banknotes in nominal value 1000 and 5000 drams were put into circulation since October 24, 1994 and September 1995, respectively. Later a 20000 dram note was issued and a commemorative 50000 dram note was issued to observe the 1700-th anniversary of adoption of Christianity in Armenia.

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Currency in circulation

Coins in circulation [1]

10 Dram
20 Dram
50 Dram
100 Dram
200 Dram
500 Dram

Banknotes in circulation [2]

1,000 dram
5,000 dram
10,000 dram
20,000 dram
50,000 dram

In addition, the following banknotes are no longer legal tender (since April 1, 2004), but may be exchanged at banks: 10 drams, 25 drams, 50 drams, 100 drams. The 500-dram banknote has also ceased to be legal tender since September 1, 2005.

Currency in circulation has shown steady growth since first issue in 1993.