On 21 September 1991, a national referendum proclaimed Armenia as an independent republic from the Soviet Union. The Central Bank of Armenia, established on 27 March 1993, was given the exclusive right of issuing the national currency.
In the immediate aftermath of the collapse of the Soviet Union attempts were made to maintain a common currency (the Russian ruble) among CIS states. Armenia joined this rublezone. However it soon became clear that maintaining a currency union in the unstable political and economical circumstances of the post-Soviet states would be very difficult. The rublezone effectively collapsed with the unilateral monetary reform in Russia, 1993. As result the states that were still participating (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and forced to introduce separate currencies. Armenia was one of the last countries to do so when it introduced the dram on 22 November 1993.
In 1995 the currency sign for the Armenian dram was designed.The Armenian dram sign (֏, image: ; Armenian: Դրամ; code: AMD) is the currency sign of the Armenian dram. In Unicode, it is encoded at U+058F ֏ ARMENIAN DRAM SIGN (HTML
After its proclamation of independence, Armenia put into circulation its own national currency – Armenian Dram, the usage of which revealed the necessity for a monetary sign. As the result of common business practice and the unique pattern of Armenian letters the shape of the sign and its variations appeared in the business scratches (daybooks). Since that time and until the official endorsement of the sign a number of artists and businessmen developed and offered various shapes for it. Now the Sign (Dram symbol) is present in the Armenian standard for the national characters and symbols and in the Armenian computer fonts.