From the history of Armenian coins: birth of Armenian dram on Nov 22, 1993

From the history of Armenian coins: birth of Armenian dram on Nov 22, 1993

Soviet rubles had been circulating up until November 22, 1993 when the state currency – dram - was released.

The Central Bank of Armenia, chaired by Isahak Isahakyan, was formed on March 27, 1993. However, Soviet rubles had been circulating in Armenia up until November 22, 1993 when the state currency – dram - was released, with an exchange rate of 200 rubles to 1 AMD established.

PanARMENIAN.Net - The Central Bank of Armenia was given an exclusive right to issue the currency.

Dram (Armenian: դրամ) is the official currency of Armenia. 1 dram is divided into 100 smaller units called lumas, which are currently not used. The word ‘dram’ translating as ‘money’ was derived from Greek ‘drahma’ (Greek: δραχμή).

Graphical symbol of the dram is a capital letter D (Դ) of the Armenian alphabet crossed by two horizontal lines.

K. Komendaryan and R. Arutchyan, who provided identical drafts, are considered the official authors of the symbol.

In 1992, the government of Armenia formed a commission for naming, design and circulation mechanisms of the national currency.

Among the names offered for the national currency were: dram, stak, ibar, daekan. The following names were suggested for smaller units: manradram, ar, manr, imi, zuza, plik, luma.

Then-President of Armenia, Levon Ter-Petrossian, Vice-President Gagik Harutyunyan, Prime Minister Hrant Bagratyan, Supreme Council deputies, officials and experts attended the committee sitting to select a final name.

Ter-Petrossian offered dram and luma for main currency and small change, with the suggestion accepted after a vote.

In 2003, the graphicl symbol of the currency was featured on a 10000-dram banknote, followed by some other banknotes of different values. In 2008, the symbol was featured on the reverse of a 5000-dram commenorative silver coin, dedicated to the 15th anniversary of the national currency. In 2012, the symbol was included in the Unicode database with an index of U+058F Armenian Dram Sign.

Armenian dram is listed as 'AMD' under ISO 4217 international standard.

The material was prepared in cooperation with Gevorg Mughalyan, the numismatist of the Central Bank of Armenia.

Viktoria Araratyan / PanARMENIAN.Net
| Project partner
 Most popular in the section
Napalm is a mixture of a thickening/gelling agent and petroleum or a similar fuel for use in an incendiary device.
The overwhelming majority give preference to the sea. Affordability comes first, followed by the location of the hotel and sand beach.
In court, the leader of the group insisted the terrorist act was meant to “rid Armenia from the anti-national regime.”
Making Zhengyalov Hats is a ceremony that is meant to bring family members and friends together.
 At focus
Yerevan hosts Model OSCE Conference

Yerevan hosts Model OSCE Conference “This exercise aims to empower youth by giving them an opportunity to network,” head of the OSCE Office in Yerevan said.

 More articles in this section
‘Frame Reshuffle’ at Ararat Museum ARARAT Visitors’ Center of Yerevan Brandy Company in association with PAN Photo Agency are launching a photo project titled ‘Frame Reshuffle’
Battle of Sardarapat: A Story of Courage On May 28, Armenia marks the Day of the First Republic proclaimed in 1918 following a victory over Ottoman Forces in Sardarapat Battle.
From the history of Armenian coins: Armenia's national currency marks 20th anniv. Thies Clemenz: I wish that the Dram will continue to power Armenia’s economy as it moves into the next stage of its growth.