Armenian dram

The dram (դրամ; sign: ֏; abbreviation: դր.; ISO code: AMD) is the currency of Armenia, and is also used in the neighboring unrecognized Republic of Artsakh. It was historically subdivided into 100 luma (լումա). The Central Bank of Armenia is responsible for issuance and circulation of dram banknotes and coins, as well as implementing the monetary policy of Armenia. The word dram means "money" and is cognate with the Greek drachma and the Arabic dirham, as well as the English weight unit dram. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued. On 21 September 1991, a national referendum proclaimed Armenia as a republic independent from the Soviet Union. The Central Bank of Armenia, established on 27 March 1993, was given the exclusive right of issuing the national currency. In the immediate aftermath of the collapse of the Soviet Union attempts were made to maintain a common currency (the Russian rouble) among CIS states. Armenia joined this rouble zone. However it soon became clear that maintaining a currency union in the unstable political and economical circumstances of the post-Soviet states would be very difficult. The Rouble Zone effectively collapsed with the unilateral monetary reform in Russia, 1993. As a result, the states that were still participating (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and forced to introduce separate currencies. Armenia was one of the last countries to do so when it introduced the dram on 22 November 1993. Armenian dram sign After its proclamation of independence, Armenia put into circulation its own national currency, the Armenian Dram; this required a monetary sign. As the result of common business practice and the unique pattern of Armenian letters, the shape of the sign and its variations appeared in the business scratches (daybooks). Until the official endorsement of the sign a number of artists and businessmen developed and offered various shapes for it.

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Related concepts (5)

Armenia

Armenia, officially the Republic of Armenia, is a landlocked country in the Armenian Highlands of West Asia, with geopolitical ties to Europe. It is a part of the Caucasus region and is bordered by Turkey to the west, Georgia to the north and Azerbaijan to the east, and Iran and the Azerbaijani exclave of Nakhchivan to the south. Yerevan is the capital, largest city and financial center. Armenia is a unitary, multi-party, democratic nation-state with an ancient cultural heritage.

Vagharshapat

Vagharshapat (Վաղարշապատ vɑʁɑɾʃɑˈpɑt) is the 4th-largest city in Armenia and the most populous municipal community of Armavir Province, located about west of the capital Yerevan, and north of the closed Turkish-Armenian border. It is commonly known as Ejmiatsin (also spelled Echmiadzin or Etchmiadzin, Էջմիածին, ɛt͡ʃhmjɑˈt͡sin), which was its official name between 1945 and 1995. It is still commonly used colloquially and in official bureaucracy (dual naming).

Gyumri

Gyumri (Գյումրի, ɡjumˈɾi) is an urban municipal community and the second-largest city in Armenia, serving as the administrative center of Shirak Province in the northwestern part of the country. By the end of the 19th century, when the city was known as Alexandropol, it became the largest city of Russian-ruled Eastern Armenia with a population above that of Yerevan. The city became renowned as a cultural hub, while also carrying significance as a major center of Russian troops during Russo-Turkish wars of the 19th century.