the goals of the monetary policy. The Central Bank publishes the Armenian Dram's market based average exchange rates vis-à-vis foreign currency. History Pre-1918 The earliest coins found in Armenia date back to the 6th–5th centuries BC. These are exclusive samples of silver coins of Achaemenian Iran, Miletus of Asia Minor and Athens of Greece. It is known that even in the 4th century BC Achaemenian dynasty satraps of Armenia Tiribazus and Orantas struck coins portraying their images. Coins were widely used in Armenia from the beginning of Hellenistic age (second half of the 4th century BC). Owing to international trade silver coins of Alexander the Great (336–323 BC) appeared in Armenian market from Asia Minor and Mesopotamia. Armenian coins of that period normally depicted portrait of the monarch on the obverse and mythological symbols as well as name and title of the king on the reverse, in Greek inscriptions. Starting the second half of the 3rd century BC Armenian kings of Sophene, Arsham, Xerxes, Ardisares, among them, struck copper coins, which are the earliest Armenian coins on record. Somewhat more coins reached us from the period of Artaxiad kingdom (189 BC – 1 AD). Armenian coins appeared in international trade during the reign of Tigran the Great (95–55 BC). These were minted both in cities of Armenia (Artashat, Tigranakert) and Syria (Antioch, Damascus). There are not known coins of the Arsacid dynasty (66–428) on record. Initially, coins of the neighboring countries, Roman Empire and Parthian Kingdom, were in circulation in Armenia. Later on, coins of Sassanid dynasty and Byzantine Empire were put into circulation. After being conquered by Arabic Caliphate (second half of the 7th century) coins of Umayyads and, later on, of Abbasids were used in circulation. Of the money of Arabic Caliphate, silver dirham, copper fils and a limited number of gold dinar were in circulation in Armenia. At the end of the 10th-century silver dirham was replaced by the Byzantine gold coin which then took a lead role of money in the region at that time. In the meantime coins of Seljuk rulers began penetrating into circulation. There have not been coins struck during the reign of the Bagratid dynasty (885–1045), although the copper coin of the king Curicé II (1048–1100), a descendant of the Bagratid dynasty of Lori, is known to us. This is the first coin on record in Armenian inscriptions. At the end of