The commemorative coin issued by the Central Bank of Armenia is dedicated to the 110-th year of establishment of the State Bank in Armenia and to the 10-th year of introduction of the national currency. The Yerevan branch of the State Bank of Russia was established on 7 October 1893 to develop the economy and create a banking system in Armenia. The successor of that entity is now the Central Bank of the Republic of Armenia . The national currency was put into circulation on 22 November 1993.