Exchange GBP to AMD - Convert Pound to Armenian Dram - Free Online Quote

GBP to AMD Exchange Rate

Currency Information on AMD and Currency Information on Armenian Dram - AMD — Armenian Dram - ֏. The foreign exchange currency code for AMD represents the Armenian Dram currency exchange rate.

Do you live in Armenia? Plan to travel there soon on business or leisure? Or you're just lazily surfing the internet about the economies of random countries and you just happened to touch on Armenia, then this article is for you, here is an overview of the Armenian economy, travel cash restrictions, and a couple of other odds and ends that you need to know as a traveller or even as a citizen who hasn't ever really thought of these basic things. They just might come in handy in protecting you from some embarrassment with the customs officials or even in carrying out financial transactions in Armenia.

Exchange Rate

The official currency is the Armenian Dram which currently exchanges with the US Dollar at the rate of 1USD to 479.14 Armenian Dram, we will leave you to draw your conclusions as to the strength or weakness of the economy in Armenia based on its exchange rate, now on to other important information.

Cash Import and Export Restrictions

There are no restrictions in the amount of cash that may be brought into Armenia either in local or foreign currency, however, if you will be coming into Armenia with cash exceeding USD 10,000 or any amount equivalent to this in Armenian or other currency, it has to be declared. There are nevertheless exemptions from this declaration, and the exemptions apply to travelers entering Armenia from the Eurasian Customs Union i.e. Kazakhstan, Russian Federation, and Belarus.

Travelling out of Armenia however, there are restrictions for exporting cash above USD 10,000 or its equivalent in other currencies, these have to be transported by bank transfer and not in cash. As for import, exemptions again apply to the Eurasian Customs Union members mentioned above.

Substitute Currencies

The US dollar is a readily acceptable alternative currency in Armenia apart from the dram, this is due to the existence of a considerably large shadow economy as reported by the Armenian International Policy Research group.

Economic Trends

The Armenian economy is presently on a steady rise as opposed to the stagnation experienced in the 2nd quarter, with the economic activity index going up in May by about 8.9%, it may however be too early to tell if this recovery is permanent or will be short-lived.

Major Banks In Armenia

HSBC Bank Armenia

Ameriabank

Ardshininvestbank

VTB Bank (Armenia)

Armbusinessbank

Unibank

ACBA-CREDIT AGRICOLE Bank

Converse Bank

Areximbank – Gasprombank Group

Anelik Bank

Convert Pound to Armenian Dram

Banknotes in circulation range from the 1,000 dram not, known as hazar, 5,000 dram –hing hazar, 10,000 dram – tas hazar, 20,000 dram – ksan hazar, 50, 000 dram – hisun hazar and 100,000 dram, called haryur hazar. Currency Exchange Rates for Armenian Dram.

The dram has existed in many forms since 1199, when silver coins were called dram, although these were not necessarily in Armenia. The etymology of the word “dram” comes from the Greek word “drachma” and the Arabic word “dirham”, all three of these words translate into English as “money”.

One dram subdivides into 100 luma and each coin and banknote has a different name. Current coins in circulation are 10 dram – tas, 20 dram – ksan, 50 dram – hisun, 100 dram – haryur, 200 dram – yerkuharyur and 500 dram – hingharyur.

Convert GBP to AMD exchange rate. Buy and sell British Pounds to Armenian Dram. Convert AMD to GBP with a currency broker offering the best foreign exchange rates.

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