Money circulation in the Republic of Armenia
The national currency, Dram, was introduced on November 22, 1993. The banknotes of 10, 25, 50, 100, 200 and 500 dram denomination were put into circulation at an exchange rate of 200 ruble for one dram.
1-500 ruble denominated banknotes of the former Soviet Union of 1961-1992 years of issue were allowed to co-circulate with the dram until March 17, 1994.
Between 1994-1995 the aluminum coins with a nominal value of 10, 20, 50 luma and 1, 3, 5, 10 dram, as well as 1000 and 5000 dram banknotes were put into circulation.
Starting from 1998, the banknotes 50, 100, 500, 1000, 5000 and 20 000 dram of the second series were put into circulation. These banknotes met modern requirements in terms of security, endurance, quality and design.
In 2001, the jubilee banknote with a nominal value 50 000 dram dedicated to 1700th anniversary of adoption of Christianity in Armenia was introduced.
In the period 2003-2004, the coins of the second series of 10, 20, 50, 100, 200 and 500 dram denomination were put into circulation.
In the period 2004-2005, the banknotes of all denominations of 1993-1995 series and 50 and 100 dram banknotes of 1998 series were withdrawn from circulation and ceased to be a legal tender in the Republic of Armenia. However, it is allowed to exchange these banknotes at their par in the Central Bank of Armenia and the commercial banks operating in Armenia.
In 2009, the banknote with the highest nominal value 100 000 dram was put into circulation.
In 2018, Armenian banknotes of the third series were issued. The new banknotes were printed on a composite substrate with application of technological innovations of security printing. The banknote with a new 2000 dram nominal value was introduced. The third series of banknotes is represented by 1000, 2000, 5000, 10 000, 20 000 and 50 000 dram banknote denominations.