Understanding the national currency is essential when learning about a country’s economy or planning a visit. For Armenia, that currency is the Dram.
What is the official currency of Armenia?
The official national currency of the Republic of Armenia is the Armenian Dram. Its international currency code is AMD. The dram is issued and regulated by the Central Bank of Armenia, which is responsible for maintaining price stability and the overall stability of the financial system.
When was the Armenian Dram introduced?
The modern Armenian Dram was put into circulation on November 22, 1993. This introduction was a significant step following Armenia’s declaration of independence from the Soviet Union in 1991, as it replaced the Soviet ruble which had been in use during the Soviet era. The establishment of its own national currency was a key element in asserting economic sovereignty.
The dram is subdivided into 100 luma (լումա). However, due to inflation in the early years following its introduction, luma coins are no longer in active circulation, though they remain a nominal subdivision.
What is the symbol for the Armenian Dram?
The Armenian Dram has a unique and officially recognized currency symbol: ֏. This symbol was designed in 1995 and is derived from the first letter of the Armenian word “Դրամ” (Dram), which is the capital letter Դ (da), with two horizontal strokes across it. It was officially adopted and included in Unicode standards.
What are the denominations of Armenian Dram coins and banknotes?
The Armenian Dram is available in various denominations of coins and banknotes:
- Coins: Commonly circulated coins include values of 10, 20, 50, 100, 200, and 500 drams.
- Banknotes: Banknotes are issued in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 drams. A 100,000 dram banknote also exists but is less commonly encountered in daily transactions. The banknotes feature prominent Armenian cultural figures, historical sites, and national symbols. New series of banknotes with enhanced security features have been introduced over the years.
Where can I find current Armenian Dram exchange rates?
The exchange rate of the Armenian Dram (AMD) against major international currencies such as the US Dollar (USD), Euro (EUR), or Russian Ruble (RUB) is not fixed and fluctuates based on market dynamics, economic conditions, and monetary policy.
Current exchange rates can typically be found:
- On the official website of the Central Bank of Armenia (CBA.am).
- At commercial banks and licensed currency exchange offices throughout Armenia.
- On reputable international financial news websites and currency converter platforms.
When visiting Armenia, currency can be exchanged at banks or exchange offices, which are widely available, especially in Yerevan and other major towns.