The Republic of Armenia is nestled in the Armenian Highlands of Western Asia, enclosed by Caucasus, Georgia, Turkey, Azerbaijan, Iran, and the Nakhchivan which is an exclave of Azerbaijan. The landlocked nation is a democratic state with rich ancient culture. It is endowed with mineral deposits such as copper, bauxite, and gold. Its highly-valued metals for export include unwrought copper, pig iron, and some other non-ferrous metals. 

In June 1920, the Republic of Armenia introduced its own banknotes in 50, 100, and 250 ruble denominations. These banknotes were dated 1919 and bear the designs of Armenian artists Arshak Fetvajyan and Hakob Koyojan. Furthermore, this set of notes was printed by Waterlow & Sons Limited in London.

On November 29, 1920, the country became the Soviet Socialist Republic of Armenia. It ventured into the modern industrial sector. Through the Soviet’s central planning system, the state was the supplier of textiles, machine tools, and manufactured products to its neighboring states. The country received raw materials and energy supplies in exchange for these goods.

On December 10, 1920, Armenian banknotes were withdrawn from circulation and were replaced by the Soviet Russian paper bills. However, Soviet Russian notes were also withdrawn when Armenia joined the Union of Soviet Socialist Republic along with the Transcaucasian Socialist Federative Soviet Republic on December 30, 1922.

After the nation’s break up from the Soviet Union on September 21, 1991, it implemented several economic reforms such as privatization, prudent fiscal policies, and price amendments. The country’s state bank was renamed the Bank of the Republic of Armenia and on November 22, 1993, the Armenian Dram was introduced as the national currency. 

Between 1998 and 1999, Armenian Dram banknotes bearing new designs and upgraded security features were issued. These banknotes depicted Armenian figures and their works and accomplishments. A 50,000-dram banknote was introduced by the Central Bank of the Republic of Armenia in 2001 to commemorate the 1700th year of the proclamation of Christianity. 

In 2003, the country became a member of the World Trade Organization. Tax and customs management have been enhanced by the government, however, anti-corruption programs were unsuccessful. Additionally, the economic crisis has caused a plunge in tax income. Consequently, Armenia was forced to acquire loans from international financial firms such as Russia and the International Monetary Fund.

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