Founding of Central Bank of Armenia

The Central Bank of Armenia was established in Yerevan soon after Armenia became independent from the Soviet Union, when the new country needed its own institutions to manage money and the banking system. At first Armenia still used the Soviet ruble. In late 1993 the central bank introduced a national currency, the dram, an important step toward economic independence, although the early years were marked by high inflation, an energy crisis and the effects of the war with Azerbaijan. Since then the bank has set monetary policy with an inflation target, supervised commercial banks and managed foreign reserves. It is formally independent of the government.

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