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The 'dram' () (ISO 4217: '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.

Contents

History

Coins

Banknotes

Money Supply

See also

External links

History

The Zvartnots cathedral depicted on an old 100 dram banknote that is no longer legal tender.

:''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 1993 . 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 dram 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. It should be noted that the Dram is not pegged to any other currency, unlike the currencies of many other nations.

Coins

Coins in circulation [1]

★ 10 Dram

★ 20 Dram

★ 50 Dram

★ 100 Dram

★ 200 Dram

★ 500 Dram

Banknotes

Banknotes in circulation [2]

★ 500 dram

★ 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 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.[3]

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

★ Economy of Armenia

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.''