What is the monetary unit of Armenia? A scanword or crossword often includes this question in its tasks. Often, frantic searches for answers on the Internet begin. And it’s worth remembering the name only once so that you never again get into trouble.
Monetary unit of Armenia (4 letters)
The state currency of Armenia is dram. It got its name from the Greek drachma, which was known in the fifth century BC. The monetary unit of Armenia is a freely quoted world currency. Dram can be exchanged without problems in many large banks in most countries of the world.
History
The first mention of the drama appeared about a hundred years before our era during the reign of King Tigran II the Great.
The historical figure perfectly understood the importance of introducing the currency and developed this process in every way. At that time, there were only metal coins in use. 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 put into circulation. At the same time, the National Bank, which owns the exclusive right to issue, began its functional activity. Its first leader was Isahak Isahakyan.
Like most post-Soviet countries, Armenia has gone 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 the rate of 200 to 1. This process was finally completed on March 17, 1994.
The monetary unit of Armenia received the letter abbreviation AMD. It is such an abbreviation that should be sought at the stands of exchange offices. The monetary unit of Armenia also has a digital code in the world banking system - 051.
Over its history, the value of a currency has changed more than once. The currency of Armenia for March 2017 has the following rate: about 485 drams for one US dollar. And at the time it was put into circulation in 1993, this ratio was only 20 to 1. In 1994, it was 300 to 1, and in 1998 it was 500 to 1.
Coins
What is the monetary unit of Armenia (4 letters)? The scanword that you like to solve at your leisure may contain other similar questions: "what is the change coin" or "when did it appear in Armenia".
Change money is called lum, and they are made of aluminum. For the first time, the lum appeared in the state in February 1994. On the obverse of the coin you can see the year of issue, denomination and frame of two branches.
In 1994, the following denominations were made: ten, twenty, fifty lume. Also in circulation were coins of one, three, five and ten drams.
Subsequent inflation has seriously reduced the value of Armenian money. Most of the citizens have lost interest in lumas. The changes in the country's economy forced the National Bank to revise its policy and introduce new coins in 2003-2004.
First of all, the face value has changed. Coins worth 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. A coin of five hundred drams became bimetallic. On the obverse appeared the emblem of the republic, as well as a new frame.
Commemorative and commemorative coins
Like most central banks, the Armenian also often pleases numismatists, collectors and investors with the issue of coins on the eve of memorable dates starting in 1994. As of March 2017, the world has seen more than three hundred and fifty varieties of these products.
Production materials - cupronickel, steel, brass, silver and gold of various samples.
Banknotes
In the early nineties, the design of banknotes was entrusted to the German company Giesecke & Devrient. The specialists did a good job, but the country's leadership decided to change partners later on.
The style of modern banknotes was developed by the English company Thomas de la Rue, which is one of the world leaders in the manufacture of securities and holograms of various types. Specialists appreciated the bright and colorful design. Banknotes of ten, twenty five, fifty, one hundred, two hundred, five hundred, one thousand and five thousand drams were made. The buildings and sculptures were mainly painted on the images: the railway station, the National Museum, and temples.
At the turn of the century, the economic situation forced the withdrawal of banknotes of fifty, one hundred and five hundred drams from circulation. In addition, significant work has been done to improve counterfeit protection.
The result of the reforms was the introduction of ten, twenty, fifty and one hundred thousand drams. On this money, among other things, images of prominent Armenians appeared.
Conclusion
Over the years of independence, the young republic suffered many difficulties. However, its own national currency is one of the main symbols of independence, which is loved and appreciated by all citizens without exception.