1931 branch offices numbered 26. In 1938 the State Bank came out of the structure of the People's Commissariat of Finance. In 1946 the State Bank again joined the Ministry of Finance of the Soviet Union. The Governor of the Bank served simultaneously as Deputy Finance Minister. In 1953 the Armenia branch of the State Bank was renamed into the Armenian Republican Branch of the State Bank of the Soviet Union. In 1954 the State Bank of the Soviet Union eventually came out of the structure of the Ministry of Finance of the Soviet Union. In 1961 a monetary reform was passed with the goal to exchange old series of banknotes with the new ones at a 1 to 10 ratio. In August 1977 a serious robbery was committed: a large amount of money was robbed from the vault of the Bank. People call this ‘the century’s robbery’. In summer of 1978, the offenders were arrested in Moscow, and most part of the stolen money was returned to the Bank. In 1987 the Armenian Republican Branch of the State Bank was renamed into the Armenian Republican Bank of the State Bank of the Soviet Union. The Bank had 52 branch offices. In 1987 a number of specialized banks were established, including External Bank of Economic Affairs, Ardshinbank (bank for industry and construction), Bnaksotsbank (bank for household and social needs), Agroardbank (bank for agro-industry) and Khnaybank (savings bank). Starting from 1988 all 52 branch offices of the Armenian Republican Branch of the State Bank, with their books, were transferred to Ardshinbank, Bnaksotsbank and Agroardbank. In 1988 the fourth and the last charter of the State Bank of the Soviet Union was approved, saying that the State Bank is the country's head bank, the unified issuance center and the organizer of credit and settlement relations in the national economy. Development of the CBA Introduction of the national currency: In 1993 the Republic of Armenia Law on “The Central Bank of the Republic of Armenia” was adopted, and the National Bank was renamed into the Central Bank of the Republic of Armenia. The national currency, the Dram, was put into circulation in the territory of the Republic of Armenia under Resolution No. 15 of 19.11.2003 of Supreme Council of the Republic of Armenia. Creation of monetary policy: In 1994 for the first time, the Central Bank formulated a monetary policy program in that