CURRENCY

The national currency is Dram (ISO code - AMD, 1 US$ = 475 AMD, February 2015). Currency exchange offices can be found at hotels and various places in Yerevan. The Dram is divided into 100 Luma. Notes are issued in denominations of 10, 20, 50, 100, 200, 500, 1.000, 5.000, 20.000, 50.000 and 100.000 drams. Luma is not currently in circulation. The US dollar and Euro as well as other currencies can be exchanged freely at local banks and licensed money exchange offices. The recent legislation limits the advertising of prices in foreign currencies but only in Armenian Drams. There are no exchange controls on either local or foreign currency and currency may be freely remitted. Physical cash in excess of the equivalent of US$10,000 requires a document that attests to it having been obtained by legal means. Remittances are not restricted. Traveler’s checks may be obtained and cashed in a number of local banks. The credit card market is getting developed widely in Yerevan. Visa, MasterCard and Maestro are widely accepted as a form of payment.