Armenian currency: history and interesting facts
Armenian currency: history and interesting facts
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What is the monetary unit of Armenia? A scanword or crossword puzzle often includes this question in its tasks. Often a frantic search for an answer on the Internet begins. And you only need to remember the name once, so that you never get into trouble again.

Monetary unit of Armenia (4 letters)

The state currency of Armenia is AMD. It got its name from the Greek drachma, which was known as early as the fifth century BC. The monetary unit of Armenia is a freely quoted world currency. AMD can be easily exchanged in many major banks in most countries of the world.

monetary unit of armenia

History

The first mention of the drama appeared about a hundred years BC during the reign of King Tigran II the Great.

The historical figure perfectly understood the importance of introducing a currency and developed this process in every possible way. At that time, only metal coins were in use. Paper money was considered too expensive and short-lived.

Modern history

November 22, 1993 was a significant date for the country's economy- its own currency was put into circulation. At the same time, the National Bank began its functional activity, which owns the exclusive right to issue. Its first leader was Isahak Isahakyan.

Like most post-Soviet countries, Armenia has gone through several evolutions of money in the country. For the first two years of independence, the population used Soviet and Russian rubles. This was the so-called transitional period. After the introduction of its own currency, Soviet rubles could be exchanged within a week at the rate of 200 to 1. This process was finally completed on March 17, 1994.

The currency of Armenia received the letter abbreviation AMD. It is this abbreviation that you should look for at the stands of exchange offices. The monetary unit of Armenia also has a digital code in the global banking system - 051.

During its history, the value of the currency has changed more than once. The monetary unit of Armenia for March 2017 has the following exchange rate: about 485 drams per one US dollar. And at the time of putting into circulation in 1993, this ratio was only 20 to 1. In 1994 - 300 to 1, and in 1998 - 500 to 1.

Coins

What is the currency of Armenia (4 letters)? The crossword puzzle that you like to solve at your leisure may contain other similar questions: "what is the name of the change coin" or "when did it appear in Armenia".

Change money is called lum, and it is made of aluminum. Lum first appeared in the state in February 1994. On the obverse of the coin, you can see the year of issue, the denomination and a frame of two branches.

In 1994 the following denominations were made: ten, twenty, fifty lum. Also in circulation were coins of one, three, five and ten drams.

The subsequent inflation seriously reduced the value of Armenian money. Most of the citizens lost interest in lumas. The changes in the country's economy forced the National Bank to revise its policy and introduce new coins into circulation in 2003-2004.

First of all, the denomination has changed. Coins worth ten, twenty, fifty, one hundred, two hundred and five hundred drams appeared in circulation. New materials have also been introduced. In addition to the already familiar aluminum, coins were minted from copper, steel, brass, nickel and their alloys. The coin of five hundred drams became bimetallic. The coat of arms of the republic appeared on the obverse, as well as a new frame.

monetary unit of armenia 4 letters

Commemorative and commemorative coins

Like most Central Banks, the Armenian one also often pleases numismatists, collectors and investors with the issuance of coins on the eve of memorable dates since 1994. As of March 2017, the world has seen more than three hundred and fifty varieties of these products.

Manufacturing 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 coped well with their task, but the country's leadership later decided to change partners.

The style of modern banknotes was developed by the English firm Thomasde la Rue, which is one of the world's leading manufacturers of securities and holograms of various types. Experts appreciated the bright and colorful design. Banknotes were made in ten, twenty-five, fifty, one hundred, two hundred, five hundred, one thousand and five thousand drachmas. The applied images were mainly buildings and sculptures: the railway station, the National Museum, temples.

currency unit of armenia 4 letters scanword

At the turn of the century, the economic situation forced the banknotes of fifty, one hundred and five hundred drams to be withdrawn from circulation. In addition, significant work has been done to improve anti-counterfeit protection.

The result of the reforms was the introduction of ten, twenty, fifty and one hundred thousand AMD banknotes into circulation. On this money, among other things, images of prominent Armenians appeared.

monetary unit of armenia crossword puzzle

Conclusion

During the years of gaining 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.

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