Cash in Armenian drams (AMD)
Since the collapse of the USSR, each new state has had to create its own unique attributes that emphasize uniqueness and authenticity. This also applies to self-expression in the financial sector, where it was necessary to create its own unique monetary sign, national currency, which would emphasize cultural traditions.
In Armenia, this aspect received enormous attention to use not only the state symbols in the design but also to develop an individual style of banknotes and coins. The result exceeded all expectations — today Armenian banknotes are officially recognised as one of the best in the world according to the results of the IACA international competition.
History of the name of the local currency of Armenia
In the process of establishing an independent state, several variants of the name of the national currency were proposed:
- zuza;
- manradram;
- daekan;
- ibar.
As a result, the name under which the Armenian currency is known today - dram. These are the most popular banknotes. Small currency in the form of coins is denoted as lum. The official international code of the Armenian currency is AMD, and the numerical code is 51.
Denominations of money in Armenia
Nowadays, banknotes with denominations from AMD 1 to 500 are used. However, there are also banknotes with 1, 5, 10, 20, 50, 100 thousand denominations.
At the same time, unique copies are also produced in limited editions, which collectors and investors use. The most famous ones depict G. Narekatsi, A. Khachaturian. There are also banknotes, the design of which is devoted to the theme of the Diaspora.
When exchanging money for cash, it is worth considering that banknotes of the 1993 — 1995 issue are no longer quoted today.
Do I need cash when travelling to Armenia?
Despite the fact that the development of Armenia is quite dynamic, it is not so transparent and easy to make cashless settlements on the territory of the state. The card can be used to pay for:
- purchases at petrol stations;
- purchases in large supermarkets.
However, when visiting this country, travellers usually seek to enjoy the authentic culture fully. That is why they visit family restaurants, shops and souvenir outlets. And here, only cash will be needed. Especially if it is not a large city but a small town. Payment by card is not provided here, as well as in many restaurants.
You must pay in cash when travelling by taxi or public transport, visiting various excursions, exciting places, entertainment. That's why you should reserve drams to avoid problems when you have money only on your card but can't use it.
One should not forget that in Armenia, it is customary to leave a tip. On average, it is worth 5% of a purchase, restaurant bill or service. Recommendations are also accepted only in cash in local currency.
Where to get exchange money in drams?
The most popular way is to visit a bank branch in the locality. The standard opening hours of official representative offices are from 9 a.m. to 4 p.m. You can also use the services of exchange offices, but they do not work round the clock. Therefore, it is better to solve the issue of cash immediately upon arrival and not at the airport, where the exchange rate will be highly unfavourable.
