Armenia's monetary unit: history and interesting facts

What is the monetary unit of Armenia? Scanword or crossword often includes this question in its tasks. Often, convulsive searches for an answer on the Internet begin. And it's only necessary to remember the name once, so that you'll never get in trouble again.

Monetary unit of Armenia (4 letters)

The state currency of Armenia is a dram. Its name is derived from the Greek drachma, which was known as early as the fifth century BC. Armenia's monetary unit is a freely quoted world currency. Dram without problems can be exchanged in many large banks of most countries of the world.

History

The first mention of the drama appeared about a hundred years before our era in the era of King Tigran II the Great.

The historical figure was well aware of the importance of introducing currency and in every way developed this process. At that time in everyday life there were only metal coins. Paper money was considered too expensive and short-lived.

Modern History

The twenty-second of November 1993 was a significant date for the country's economy - its own currency was issued. At the same time, the National Bank, which owns the exclusive right to issue, began its functional activity. Its first leader was Isaak Isahakyan.

Like most post-Soviet countries, Armenia went through several evolutions of money in the country. The first two years of independence the population used Soviet and Russian rubles. This was the so-called transition period. After the introduction of its own currency, Soviet rubles could be exchanged during the week at a rate of 200 to 1. This process finally ended on March 17, 1994.

The monetary unit of Armenia received the letter reduction of AMD. It is this abbreviation worth looking for at the stands of exchange offices. Armenia's monetary unit also has a digital code in the world banking system - 051.

For its history, the value of the currency has changed more than once. The monetary unit of Armenia for March 2017 has the following rate: about 485 drams for one American dollar. And at the time of introduction into circulation in 1993, this ratio was only 20 to 1. In 1994 - 300 to 1, and in 1998 - 500 to 1.

Coins

What is the monetary unit of Armenia (4 letters)? Skanvord, which you like to solve at leisure, can contain other similar questions: "what is the name of the change coin" or "when it appeared in Armenia."

The money is called loumen, and they are made of aluminum. For the first time loum appeared in the state in February 1994. On the obverse of the coin you can see the year of issue, face value and a frame of two branches.

In 1994, the following denominations were made: ten, twenty, fifty lumas. Also in circulation there were coins in one, three, five and ten drams.

The subsequent inflation seriously reduced the cost of Armenian money. Most of the citizens lost interest in luam. The changes in the country's economy forced the National Bank to reconsider its policy and introduce new coins into circulation in 2003-2004.

First of all, the nominal value changed. Coins of ten, twenty, fifty, one hundred, two hundred and five hundred drams appeared in circulation. New manufacturing materials were also introduced. In addition to the already familiar aluminum, coins were minted from copper, steel, brass, nickel and their alloys. The coin of five hundred drams became bimetallic. The emblem of the republic appeared on the obverse, as well as a new frame.

Jubilee and commemorative coins

Like most Central banks, the Armenian too often pleases coin collectors, investors and investors with the release of coins on the eve of memorable dates since 1994. As of March 2017, the world saw more than three hundred and fifty varieties of these products.

The materials of manufacture are nickel, steel, brass, silver and gold of different samples.

Banknotes

In the early nineties, the design of banknotes was commissioned by the German company Giesecke & Devrient. Experts have coped well with their task, but the country's leadership in the future decided to change the partner.

The style of modern banknotes was developed by the English firm Thomas de la Rue, which is one of the world leaders in the production of securities and holograms of various types. Specialists appreciated the bright and colorful design. Banknotes were made at ten, twenty-five, fifty, one hundred, two hundred, five hundred, one thousand and five thousand drachmas. Painted images were mainly buildings and sculptures: the railway station, the National Museum, the temples.

At the turn of the century, the economic situation forced the banknotes to be withdrawn from circulation in fifty, one hundred and five hundred drams. In addition, significant work was done to improve the protection against counterfeiting.

The result of the reforms was the introduction of ten, twenty, fifty and one hundred thousand drams into circulation. On this money, among other things, there were images of prominent Armenians.

Conclusion

During the years of gaining independence, the young republic has suffered many difficulties. However, its own national currency is one of the main symbols of independence, which all citizens love and appreciate without exception.