The dram (Դրամ, ISO 4217 code: AMD) is the monetary unit of Armenia. It is subdivided into 100 luma (լումա). 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.
History
- 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 called dram were issued.
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 legal tender until November 1993. The modern dram came into effect on 22 November, 1993, at a rate of 200 rubles = 1 dram (1 USD : 14.5 AMD). The dram is not pegged to any other currency.
Coins
In 1994, coins were introduced by the Central Bank of Armenia in denominations of 10, 20 and 50 luma, 1, 3, 5 and 10 dram. All were struck in aluminium. In 2003 and 2004, a new coinage
consisting of 10, 20, 50, 100, 200 and 500 dram coins was introduced. The 10 dram is struck in aluminium, the 20 dram in bronze, the 50 and 200 dram in brass, and the 100 dram in cupro-nickel. The 500 dram coin is bimetallic.
Banknotes
In 1993, banknotes of 10, 25, 50, 100, 200 and 500 dram were issued. Notes for 1000 and 5000 dram were put into circulation on October 24, 1994 and September 1995, respectively. In 1999, a 20,000 dram note was issued, whilst a commemorative 50,000 dram note was issued in 2001 to observe the 1700th anniversary of the adoption of Christianity in Armenia. 10,000 dram notes were introduced in 2003.
Banknotes currently in circulation are
- 500 dram
- 1000 dram
- 5000 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, 25, 50 and 100 drams. The 1993 500-dram banknote has also ceased to be legal tender since September 1, 2005, but there is a 1999 500-dram banknote that is still in circulation.
Money Supply
Currency in circulation has shown steady growth since first issue in 1993.| Year | Currency in circulation (billion of dram) |
|---|---|
| 1993 | 1.2 |
| 1994 | 11.1 |
| 1995 | 25.7 |
| 1996 | 37.1 |
| 1997 | 42.2 |
| 1998 | 45.3 |
| 1999 | 45.5 |
| 2000 | 61.9 |
| 2001 | 66.7 |
| 2002 | 92.1 |
| 2003 | 96.8 |
See also
References
External links
- Central Bank of Armenia Banknotes
- Exchange rates against Armenian Dram and detailed history.
- Coins of former Soviet republics
This article contains content from HierarchyPedia article Dram, used here under the GNU Free Documentation License
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