AMD to TWD

AMD - Armenian Dram (֏)

Armenian Dram

The Armenian Dram (AMD) is the currency unit for Armenia. The Central Bank of Armenia owns the exclusive rights to issue the Dram. The symbol for the Dram has not yet become part of the Unicode standard.

The Armenian Dram is the currency in Armenia (AM, ARM). The Armenian Dram is divided into 100 luma. The exchange rate for the Armenian Dram was last updated on May 24, 2019 from Yahoo Finance. The AMD conversion factor has 5 significant digits.

Economy

• Before Armenia became independent, their economy was mainly industry-based: machinery, electronics, textiles, synthetic rubber, and processed food. Only 20% of the economy was agricultural products.
• The country developed its industries after 1991 and is now producing knitwear, shoes, silk, trucks, instruments, jewelry, software, brandy, metal-cutting machines, and is processing diamonds.
• Armenian mines form a large part of the economy: copper, zinc, lead, and gold.
• Armenia exports energy.
• Armenia’s economy does not have a strong history, due to the previous control by the Soviet Union.
• The country’s economy suffered a major draw back after the earthquake in 1998.
• Unemployment is a huge problem in Armenia.

History

• Originally silver coins called drams were used from 1199 to 1375.
• In 1991 Armenia became an independent republic, no longer part of the Soviet Union.
• In early 1993 the Central Bank of Armenia was opened, but Soviet Union banknotes still circulated until the end of 1993.
• The new Armenian Dram was also introduced at the end of 1993.
• Coins replaced the 50, 100, and 500 dram banknotes in 1998.
• After 2005 banknotes issued from 1993 to 1995 were taken out of circulation.
• A 500,000-dram banknote was issued in 2001 to commemorate Christianity in the country.

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TWD - New Taiwan Dollar (NT$)

New Taiwan Dollar

The New Taiwan Dollar (or the Taiwan Dollar) has been the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan Dollar. It was initially issued by the Bank of Taiwan; since 2000 it has been issued by the Central Bank of the Republic of China (ROC).

The New Taiwan Dollar is the currency in Taiwan (TW, TWN). The New Taiwan Dollar is also known as the Taiwanese Dollar. The symbol for TWD can be written NT$, NTD, and NT. The New Taiwan Dollar is divided into 100 cents. The exchange rate for the New Taiwan Dollar was last updated on May 24, 2019 from Yahoo Finance. The TWD conversion factor has 5 significant digits.

Economy

• Taiwan has a developed capitalist economy that ranks as the 19th largest in the world in GDP and 23rd in nominal terms. The Republic of China governs Taiwan with gradually decreasing guidance in the areas of investment and foreign trade.
• Most large government-owned banks and industrial firms have been privatized.
• Real growth in GDP has averaged about 8% during the past three decades. Exports have grown even faster and, since World War II, have provided the primary impetus for industrialization.
• Taiwanese investors and businesses have become major investors in mainland China, Vietnam, Thailand, Indonesia, and the Philippines.

History

• The New Taiwan Dollar was first issued by the Bank of Taiwan on June 15, 1949 to replace the Old Taiwan Dollar at the rate of 40,000 old Dollars = 1 new Dollar.
• The main aim of the New Taiwan Dollar was to end the hyperinflation that had plagued Taiwan and mainland China due to the Chinese civil war fought in mainland China.
• Taiwan has transformed itself from a recipient of U.S. aid in the 1950s and early 1960s to an aid donor and major foreign investor. Private Taiwanese investment in mainland China is estimated to be in excess of 150 billion USD, and official sources cite Taiwan as having invested a comparable amount in Southeast Asia.
• In July, 2000 the New Taiwan Dollar became the official currency of the ROC and is no longer secondary to the silver Yuan. At the same time, the Central Bank of China (now known as the Central Bank of the Republic of China) began issuing New Taiwan Dollar banknotes, and the old notes issued by the Bank of Taiwan were taken out of circulation.

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