The monetary unit of Armenia is the luma, which is a four-letter word. The luma is the official currency of Armenia and was introduced in November 1993. It replaced the Russian ruble as the country's official currency. The luma is divided into 100 luma and is issued in coins and banknotes. The coins are denominated in 10, 20, 50, 100, 200 and 500 luma, while the banknotes are denominated in 1000, 5000, 10000, 20000 and 50000 luma.