Armenian Dram (AMD)

Detailed information about Armenian Dram (AMD):

1. Background: Armenian Dram (AMD) is the official currency of Armenia. It was introduced on November 22, 1993, after Armenia gained independence from the Soviet Union.

2. Denominations: Armenian Dram is available in both banknotes and coins. Banknotes are issued in denominations of 1000, 2000, 5000, 10,000, 20,000, 50,000, and 100,000 Dram. Coins are available in denominations of 10, 20, 50, 100, 200, and 500 Dram.

3. Exchange Rate: The exchange rate of Armenian Dram fluctuates in the foreign exchange market. It is influenced by various factors such as economic conditions, inflation rates, interest rates, and trade balance.

4. Symbol and Code: The symbol used for Armenian Dram is “֏” and its ISO 4217 code is “AMD”.

5. Usage: Armenian Dram is primarily used within Armenia for daily transactions, including buying goods and services, paying bills, and conducting local trade. However, it is less commonly accepted in international transactions, where major currencies like the US Dollar or Euro are often preferred.

6. Economic Situation: Armenia is a developing country with a small economy. It faces challenges such as high unemployment rates, limited natural resources, and geopolitical tensions. These factors can impact the stability and value of Armenian Dram.

7. Currency Controls: Armenia has implemented certain currency controls in the past to manage the exchange rate and protect its currency. These controls may include restrictions on foreign currency transactions and limitations on the amount of foreign currency individuals and businesses can hold.

In summary, Armenian Dram (AMD) is the official currency of Armenia and is primarily used for daily transactions within the country. Its value can fluctuate in the foreign exchange market, and it is less commonly accepted in international transactions. The economic situation and currency controls in Armenia can also influence the value and stability of Armenian Dram.