ArmeniaNow.com - Independent Journalism From Today's Armenia
 February 7, 2003 




Change of Change: New dram coins being circulated into currency current


Metal coins last 15 years says Tumanyan.Last month when 20 dram copper colored coins appeared in trade centers throughout the Republic, many people were so excited they gave the new currency as gifts to friends.

For many years, the 10-dram metal coin has been in circulation, but the 20-dram (about 4 cents) denomination and the color make the new money piece a novelty.

"Some years ago metal coins called 'luma' were produced. However, as a result of inflation, luma lost its value to the extent that it was completely out of the circulation," says Gevorg Tumanyan, head of the Department of Issuing Transactions and Money Saving of the Central Bank of RA. "These days, taking into account some preeminence of the metal coins, metal coins of different denomination and type are being produced again."

As workers of the Central Bank assure the most important condition for producing metal coins is their practicality.

Tumanyan says that banknotes of 10, 25, 50 and other denomination, which are now in circulation, are mainly worn out and damaged, are passed from hand to hand and don't enter the banking system and become unusable.

"Unlike banknotes metal coins can be used for more than 15 years," says Tumanyan, "so it's more effectual to spend some amount of money one time and produce metal coins and in this case you will save money for many years. The most important thing is that the problem of the wear-out of banknotes of small-value denomination will be resolved."

About 30 million drams (about $51,700) worth of the 20-dram coins have been placed in circulation.

The new coins were produced at a mint in Poland. The size and content (copper) was decided taking into account some details and international experience.

"By producing metal coins we must also take into consideration parameters of the coins which are in circulation in our neighbouring countries," Tumanyan says, adding that the coins of about 80 to 100 countries were examined before choosing the new one.

The 20-dram coin is the first of a series of coins that will be introduced during the year, including 50, 100, 200 and 500-drams, each of different metallic makeup. The 500-dram (about 80 cents) coin will be similar to the Euro, with the middle formed of white metal surrounded by a yellow ring of latten.


  Inside
 

Decision 2003: Meet the candidates

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Decision 2003: Guns, knives, fighting in Artashat. Politics as usual?

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Change of Change: New dram coins being circulated into currency current

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  Photos of the week
  Photo of the week: Talk Time
Click on the photo above to enlarge

Photo of the week: Talk Time
Click on the photo above to enlarge
 
 
 
 

Ups and Downs of Campaign 2003

In the second week of campaigning, crowds turned out to cheer President Robert Kocharyan. And a crowd turned riotous at a rally for Aram Karapetyan, leaving MP Hayk Babukhanyan recovering from a stabbing.

 

 





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