Armenian Dram

Overview

The Armenian Dram (AMD) is the currency unit for Armenia. The Central Bank of Armenia owns the exclusive rights to issue the Dram. The symbol for the Dram has not yet become part of the Unicode standard.

Economy

• Before Armenia became independent, their economy was mainly industry-based: machinery, electronics, textiles, synthetic rubber, and processed food. Only 20% of the economy was agricultural products.
• The country developed its industries after 1991 and is now producing knitwear, shoes, silk, trucks, instruments, jewelry, software, brandy, metal-cutting machines, and is processing diamonds.
• Armenian mines form a large part of the economy: copper, zinc, lead, and gold.
• Armenia exports energy.
• Armenia’s economy does not have a strong history, due to the previous control by the Soviet Union.
• The country’s economy suffered a major draw back after the earthquake in 1998.
• Unemployment is a huge problem in Armenia.

History

• Originally silver coins called drams were used from 1199 to 1375.
• In 1991 Armenia became an independent republic, no longer part of the Soviet Union.
• In early 1993 the Central Bank of Armenia was opened, but Soviet Union banknotes still circulated until the end of 1993.
• The new Armenian Dram was also introduced at the end of 1993.
• Coins replaced the 50, 100, and 500 dram banknotes in 1998.
• After 2005 banknotes issued from 1993 to 1995 were taken out of circulation.
• A 500,000-dram banknote was issued in 2001 to commemorate Christianity in the country.