reforms to implement in the non-bank financial sector, namely insurance and capital markets as well as paved a way to implement reforms in infrastructures. NASDAQ OMX, one of the best operators worldwide made its entry to the Armenian market. Further, a consumer interest protection component was established; the office of financial system mediator started its operations; a compulsory third party motor liability insurance scheme was introduced The banking sector is the biggest player of the Armenian financial market. The sector accounts for approximately 95 percent of assets of the financial system. As at December 31, 2014 the Armenian financial market comprised: 21 commercial banks (with 509 branch offices) and one development bank (All-Armenian Bank) accounting for around 90 percent of financial sector assets. The banks' Total capital amounted to AMD 469 billion Total assets amounted to AMD 3 trillion 411 billion Total liabilities amounted to AMD 2 trillion 942 billion Paid-up statutory fund amounted to AMD 280.1 billion Nonresident equity amounted to AMD 186.4 billion 32 credit organizations (with 149 branch offices) 8 insurance companies and 2 intermediaries (insurance brokerage firms) 141 pawnshops 203 exchange offices (including branch offices) 7 money transferring companies 4 payment instrument and payment and settlement document processing and clearing companies Securities market participants that include 21 banks as investment service providers, 8 investment firms, 4 investment fund managers, the Armenian Central Depository, and NASDAQ OMX Armenia. Governors Chairmen of the State Bank and the Central Bank Grigory Smirnov, 1896–1901 Anton Krizhijanovsky, 1901–1905 Nikolai Sannikov, 1905–1910 Constantine Sibani, 1910–1916 Vladislav Moravski, 1916–1921 Martin Sahakyan, 1922–1924 Grigor Jaghetyan, 1924-1930 Garsan Varshamyan, 1930–1931 Hovhannes Davtyan, 1931–1936 Vardan Mamikonyan, 1936–1937 Arkady Minasyan, 1937–1939 Sergey Baturi, 1939–1943 Riza Velibekov, 1943–1944 Artashes Sargsyan, 1944–1967 Stepan Safaryan, 1967–1969 Andrey Papovyan, 1969–1972 Vladimir Aghasyan, 1972–1986 Isahak Isahakyan, 1986–1994 Bagrat Asatryan, 1994–1998 Tigran Sargsyan, 1998–2008 Arthur Javadyan, 2008-2020 Martin Galstyan, since 2020 National currency The national currency of the Republic of Armenia is dram (ISO code - AMD, the sign - ). One dram is equal to one hundred luma. The CBA is vested with the exclusive right to issue currency. The national currency was put into circulation on 22 November 1993. The design of the graphical symbol (sign) of the Dram of the Republic of Armenia authored by Karen Komendaryan and Ruben Arutchyan was approved and chosen out of the other design proposals under the Central Bank of Armenia Board Resolution No. 25,