Currency of Armenia. Armenian dram
In Armenia, the currency is the Armenian dram, which includes a hundred lumas. Currently, luma coins are not used.
USSR, ruble & Armenian dram
The word “dram” in Armenian means “money”. In the Armenian language, it came from the Greeks, who called their money the word “drachma”. The Armenian currency was introduced into circulation in 1993, on the twenty-second of November. Paper denominations of ten, twenty-five, fifty, one hundred, two hundred, five hundred, one thousand, two thousand, five thousand, twenty and fifty thousand drams were issued. Until the ninety-third year of the last century, Soviet money was used in Armenia, which was part of the Soviet Union, rubles.
The very first bills of the Armenian currency were invented by designers from Germany, and the modern design of Armenian dramas was later developed by a British company. The banknotes bear portraits of prominent Armenian scientists and famous cultural figures, as well as images of architectural monuments in Armenia. All banknotes have a sufficient degree of protection and they are brightly, interestingly decorated.
Armenian currency & its symbol
The symbol of the dram is the capital letter in Armenian: D, which is crossed out by a pair of horizontal lines. This letter is only in the Armenian alphabet, the Armenian word “dram” begins with it. This word means finance, or in a broad sense money, and denotes a monetary national unit. The authors of the currency officially consider Ruben Harutchyan and Karen Komendaryan. The badge was approved in 2001, then, in 2003, it was placed on the reverse of a ten thousandth note, and four years later it was included in the AST standard by the Armenian National Institute of Standards.
For the first time, drams are mentioned in the period from 1199 to 1375. At that time silver coins called so.
CB of Armenia
The Central Bank of Armenia has the exclusive right to issue currency. Apart from ten drams, coins of the ninety-fourth year of the last century, as well as banknotes of the 1993-95 samples, are not used today.
On March 27, in one thousand nine hundred and ninety-third, the Central Bank was established in the Republic of Armenia. But Soviet rubles were freely circulating for more than six months – until the twenty-second day of November 1993. Then the Soviet rubles were exchanged for the national Armenian currency at the rate: for one dram – two hundred rubles.
The first Director General of the Central Bank of Armenia was appointed Isaac Isahakyan. With him, the first state currency, the Armenian dram, was introduced.
Banknotes design, created by an English company, has a more colorful appearance compared with the design of German specialists. In addition, banknotes have other significant differences, for example:
- the inscription “Bank of the Republic of Armenia” was replaced by “Central Bank of the Republic of Armenia”;
- the new serial number designation consists of one letter and eight digits, the old ones had two letters;
- new banknotes of all denominations with a protective spiral, and a denomination of 1000 drams has two different spirals, whereas in 1993-95 they produced only banknotes with a value of one and five thousand drams with a spiral;
Previously, banknotes had watermarks of two varieties:
- contour of the emblem of Armenia;
- the coat of arms of the Republic of Armenia.