Armenian dram
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| Armenian dram Դրամ (Armenian) |
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| ISO 4217 Code | AMD | ||
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| User(s) | Armenia and the de-facto independent Nagorno Karabakh Republic | ||
| Inflation | 1.1% (Armenia only) | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | luma (լումա) | ||
| Symbol | դր. | ||
| Coins | 10, 20, 50, 100, 200, 500 dram | ||
| Banknotes | 1000, 5000, 10 000, 20 000, 50 000 dram | ||
| Central bank | Central Bank of Armenia | ||
| Website | www.cba.am | ||
The dram (Armenian: Դրամ) (ISO 4217: AMD) is the monetary unit of Armenia. It is subdivided into 100 luma (Armenian: 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.
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[edit] History
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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.
[edit] Coins
- 10 Dram
- 20 Dram
- 50 Dram
- 100 Dram
- 200 Dram
- 500 Dram
[edit] Banknotes
- 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]
[edit] 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 |
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
Note: Rates obtained from these websites may be slightly different from the rates the Central Bank of Armenia publishes
[edit] 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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