Armenian monetary unit refers to the official currency used in the Republic of Armenia, known as the dram (symbol: ֏). The dram is the sole legal tender in Armenia, and it is divided into smaller denominations called luma (symbol: լ).
The Armenian monetary unit, the dram, was introduced on November 22, 1993, following the collapse of the Soviet Union and the independence of Armenia. It replaced the Soviet ruble as the country's official currency. The dram was chosen to honor the national currency used in the historical Armenian kingdom from 1199 to 1375.
The dram is managed and regulated by the Central Bank of Armenia (CBA), which is responsible for maintaining its stability and controlling inflation. The bank issues banknotes and coins of various denominations, including 10, 20, 50, 100, 200, 500, 1,000, 5,000, 10,000, 20,000, and 50,000 dram banknotes.
The Armenian monetary unit, the dram, holds significant importance in the country's economy and financial system. It is widely accepted throughout Armenia, facilitating trade, commerce, and financial transactions. The exchange rate of the dram fluctuates against other major currencies based on market forces and economic factors. The currency plays a crucial role in supporting Armenia's economic growth, fostering investment, and promoting economic stability.
