Armenian Dram (AMD)
Tue, Apr 15The Armenian Dram (AMD) serves as the official currency of Armenia, a landlocked nation situated in the South Caucasus region. The Central Bank of Armenia oversees the issuance and management of this currency.
The dram is divided into 100 smaller units known as lumas; however, lumas are no longer utilized in practice due to their minimal value. The Armenian Dram was launched on November 22, 1993, replacing the Soviet ruble at a conversion rate of 1 dram to 200 rubles. This transition took place following the dissolution of the Soviet Union and Armenia's declaration of independence in 1991.
Banknotes are issued in denominations of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 drams, while coins are available in denominations of 10, 20, 50, 100, 200, and 500 drams. The 10, 20, and 50 dram coins are seldom used due to their low value, which has been affected by the relatively high inflation that the country has faced since the dram's introduction.
The value of the Armenian Dram is shaped by various factors, including domestic economic conditions, the monetary policies of the Central Bank of Armenia, and global economic trends. Over the years, the dram's exchange rate has seen fluctuations but has generally remained relatively stable compared to some other currencies in the region.
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