22.11.2012 14:44
YEREVAN, November 22. /ARKA/. Armenian Prime-Minister Tigran Sargsyan congratulated bank employees on their professional holiday, Bank Employee Day, Thursday.
The Prime-Minister reminded that on November 23, 1993, Armenian national currency, dram, was introduced, and a decision was made to celebrate the holiday every year.
Armenian dram was put into circulation at a rate of 14.5drams per US dollar. After turning to floating rate, the exchange rate shot up and reached about 75drams per dollar by the end of the year.
Armenia keeps following the floating rate policy today; dram versus dollar rate is 407.17drams per USD as of November 22, 2012.
In its very beginning Armenian banking system was one of the leaders in the world in terms of number of banks per million residents: there were over 60 local and more than 15 foreign banks in the country at the time. Today there are 21 banks with 458 branches operating in Armenia.–0--
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