Wednesday, November 22 2023 18:05

Central Bank of Armenia puts into circulation commemorative coins  dedicated to 30th anniversary of dram 

Central Bank of Armenia puts into circulation commemorative coins  dedicated to 30th anniversary of dram 

ArmInfo. On November 22, 2023, the Central Bank of Armenia puts into circulation 10, 20, 50, 100, 200 and 500  dram circulation commemorative coins dedicated to 30 years of national currency. This is noted in the message of the Central Bank of the Republic of Armenia.

The message states that, circulation commemorative coins repeat the  ordinary coins in their technical characteristics and the reverse  design.  The obverse of these coins, as a rule, is dedicated to a  certain event or phenomenon. Circulation commemorative coins are  issued in limited quantities, circulate along with the ordinary coins  and are legal tender at their face value.  Obverses: the logotype of  the 30 years of national currency, the year of issue "2023",  inscriptions "REPUBLIC OF ARMENIA" in English and Armenian.  

Reverses: the face values of the coinsn in English and Armenian - "10  DRAM", "20 DRAM", "50 DRAM", "100 DRAM", "200 DRAM", "500 DRAM",  national ornaments.  

Designed by Vardan Vardanyan (obverses), Karapet Abrahamyan  (reverses).

The coins are minted at The Royal Mint, Great Britain.

On November 22, 1993, the national currency, the dram, was put into  circulation in independent Armenia. In 2023, the dram turned 30 years  old, and during these years, both the banking system and the Armenian  dram were able to go through a path full of challenges and create a  worthy history. It is not difficult to imagine what challenges  Armenia, which had just become independent, faced then. At that time,  the Central Bank was just forming monetary policy and financial  supervision functions, and at that time there were almost no state  reserves. Under these conditions, the most difficult thing was to  build trust in the financial system and the national currency. And  yet, thanks to teamwork, it was possible to achieve trust in the  Armenian dram and the financial system.  Since 2003, November 22 is  also annually celebrated as the day of bank workers, whose number  today reaches 15 thousand in 18 banks and 523 branches.

Let's remind that the exchange rate of AMD and US dollar was 14.5  AMD/$1 in the first days of AMD circulation. In January 1994, the  exchange rate did not change much and was 14 AMD/$1, but at the end  of the same year it increased to 412 AMD/$1, which is explained by  the change in the fixed exchange rate policy to a floating exchange  rate policy, which continues to be maintained today. After 30 years,  as of November 22, 2023, the estimated exchange rate of AMD against  US dollar is 402.41 AMD/$1. 

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