Dram (currency)
| ||
| Symbol: | None | |
| 1/100th unit: | luma | |
| USD exchange: | 438 (Apr 2005) | |
| GBP exchange: | 929 (Jan 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.
History
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 with issues of 10, 25, 50, 100, 200 and, 500 notes. It was put into circulation at 1 AMD : 200 Rubles or 1 USD : 14.5 AMD. 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.
Currency in circulation
- 20 Drams
- 50 Drams
- 100 Drams
- 200 Drams
- 500 Drams
- 1,000 drams
- 5,000 drams
- 10,000 drams
- 20,000 drams
- 50,000 drams
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 will cease to be legal tender September 1, 2005.
Currency in circulation has shown steady growth since first issue in 1993.
| Year | Currency in circulation (billion of drams) |
|---|---|
|
1.2 | |
|
11.1 | |
|
25.7 | |
|
37.1 | |
|
42.2 | |
|
45.3 | |
|
45.5 | |
|
61.9 | |
|
66.7 | |
|
92.1 | |
|
96.8 |
This article contains content from HierarchyPedia article Dram, used here under the GNU Free Documentation License.