Armenian Dram

About Armenian Dram

The dram replaced the Soviet ruble after Armenian independence. The dram was initially very weak due to the economic crisis following the Soviet collapse and the Nagorno-Karabakh conflict. The dram stabilized and appreciated significantly from 2003 to 2008. Armenian banknotes feature historical churches and monuments. The Central Bank of Armenia was established in 1993. The dram is not freely convertible.