Dram

The dram (Armenian: Դրամ; code: AMD) is the monetary unit of Armenia and the Nagorno-Karabakh Republic. It is subdivided into 100 luma (Armenian: լումա). The word "dram" translates into English as "money" and is cognate with the Greek drachma. The Central Bank of Armenia has the exclusive right of issuing the national currency according to Armenian law.

History

The first instance of a dram currency in Armenia was in the period from 1199 to 1375, when silver coins called dram were issued.

The modern dram came into effect on 22 November 1993, at a rate of 200 rubles = 1 dram (1 USD : 14.5 AMD). The dram is not pegged to any other currency.

Exchange Rate

The dram is currently approximately 330 to the US dollar. It has been stable since shortly after its introduction.