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Armenia’s national currency becomes 20 years –old

22.11.2013 16:33

Armenia’s national currency becomes 20 years –old

YEREVAN, November 22. / ARKA /. Armenia’s national currency, the dram, has turned 20 today. The process of replacing Soviet rubles with the new national currency began on November 22, 1993. Armenia that was in dire straits was the last former Soviet republic to introduce its own currency.

But very soon, actually after 10 days, the Central Bank shifted from the policy of maintaining a fixed exchange rate of the dram against the U.S. dollar to the floating exchange rate. This policy has been maintained since then.

Over these years the dram has experienced many difficulties to get stronger and break the total mistrust of citizens. Two decades of circulation show that the dram has entered the stage of stability as the confidence of citizens in it grows.

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