November 22, 2011 - 17:11 AMT
Armenian dram turns 18

On November 22, Armenian banking system celebrates Bank Employee Day and the 18th anniversary of the national currency Armenian dram, governmental press service reported.

According to Armenian Prime Minister, Armenia’s banking system is one of the most stable sectors in the country’s economy that managed to withstand the crisis.

Tigran Sargsyan stressed the importance of the banking system for the country’s economic development. “I congratulate bank employees wishing them new accomplishments,” he said.

Armenian dram (translated as money) has been circulated since November 22, 1993. 1 dram includes 100 lumas, while luma coins are not used now. Policy of “floating exchange rate” is currently implemented. 21 banks are operating in Armenia.