15th ANNIVERSARY OF PUTTING ARMENIAN DRAM INTO CIRCULATION CELEBRATED
Noyan Tapan
Nov 24, 2008
YEREVAN, NOVEMBER 24, NOYAN TAPAN. In November 1993 when the decision
on putting the national currency – the Armenian dram into circulation
was published, Armenia was facing numerous economic and social problems
and overcoming the cold winter of 1993. At the same time, there was an
awareness that it was a really historic day as putting the national
dram into circulation meant restoring an independent statehood, the
Armenian Prime Minister Tigran Sargsyan stated at the festive ceremony
to celebrate the 15th anniversary of issuing the Armenian dram and the
115th anniverstary of foundation of the Armenian banking system. The
event was attended by the Armenian President Serzh Sargsyan,
the Chairman of the Central Bank of Armenia (CBA) Arthur Javadian,
government members, the Chair and Deputy Managing Director of the IMF
Murilo Portugal, and representatives of international organizations.
According to the prime minister, "we are proud to have a stable and
reliable national currency and banking system which will allow us to
withstand modern global economic crises".
In the words of A. Javadian, in the years of independence, the Armenian
banking system underwent many ordeals and is ready today to withstand
any challenges. The achievements reached by the sector year by year,
in particular, the constantly improved field, the introduction of
modern information technologies, and the responses in line with
international trends have formed a well-founded trust in the work
and actions of CBA. A.
Javadian said that today Armenia has a national currency regulated by
definite steps, a successful banking system considered as a leading
one in the region, while the country’s population is being more and
more involved in the sector of financial services.
In the opinion of M. Portugal, the fact that the dram is strong and
stable bears evidence of the efforts of the Armenian government and
the capabilities and skills of the Armenian people. It also bears
evidence of the sound financial policy being conducted in the country
and of high capitalization and liquidity of its financial system.
Levon Barkhudarian who was the RA minister of finance in 1993 told
reporters that in that period the situation was quite hard in Armenia,
and the state did not have capital reserves. Nevertheless, the
decision to put the national currency into circulation was a correct
and necessary step, and it was important both in terms of establishing
Armenian statehood and conducting an independent monetary policy.
The participants had the opportunity to see the commemorative
coins of Armenia (all the gold and silver coins issued from 1994
until now) displayed at the fresco exhibition room of the National
Picture Gallery in connection with the anniversary. More than 100
commemorative coins, including 30 gold ones, have been issued in
the indicated period. The first coin was issued in May 1994 on the
occasion of the 75th anniversary of the Sardarapat battle.
A Monument to the Armenian dram was opened at the CBA building on
November 22. Tigran Sargsyan described the monument symbolizing the
dram as a serious work of art. In his opinion, when looking at this
monument, every person discovers something for himself/herself as
people have quite a different attitude to money.