A brief introduction to Currency Armenia
Currency Armenia consists of the dram. Currency Armenia has 100 subdivisions called luma. “Dram” if translated to English means “money”. Dram-the currency of Armenia is made available to the public as banknotes by the Central Bank Of Armenia. The Central Bank Of Armenia functions in accordance with the Armenia banking laws.History of Currency Armenia:
The first time dram made its appearance was between 1199-1375. During this period, silver coins were referred to as dram. September 21st, 1991 was the day when Armenia was declared as an independent republic. Central Bank of Armenia was formulated on the 27th day of March, '93. Despite the formulation of the Central Bank of Armenia, bank notes of USSR were in usage till 1993, November. The dram which is used these days was introduced on the 22nd day of November, '93. The value of 1 dram was equivalent to 200 rubles. The Currency of Armenia consisted of bank notes of the denomination 500 dram, 200 dram, 50 dram, 100 dram, 10 dram and 25 dram.Minting of luma commenced on the 21st day of January, '94 by Central bank Of Armenia. Luma of the denominations 10 luma, 20 luma, 50 luma were produced. Dram coins are of denominations 10,5,3,1. The Currency of Armenia that consisted of banknotes of denomination, 5000 as well as 1000 dram were circulated from September '95 and 24th October, '94 respectively. Celebrations commemorating the 1700th anniversary when Christianity was adopted in Armenia was marked with the introduction of banknotes of denominations 20,000 dram and 50,000 dram.
Another interesting feature of currency Armenia-dram is that the pegging of dram to other currency belonging to any other country is not in practice. Presently not all banknotes are in circulation and one needs to keep abreast with the latest information pertaining to the currency of Armenia.
