Byblos Bank Armenia has joined a major forest establishment project dedicated to the 30th anniversary of the Armenian dram, which is spearheaded by the Central Bank of Armenia, the Union of Armenian Banks and all 18 commercial banks of the country.

As part of cooperation with My Forest Armenia non-governmental organization, 160,000 new trees will be planted to create 50 hectares of new forest areas in the communities of Jrashen and Urasar in Armenia’s Lori province.

Armenia is a sparsely forested country, and the present level of forest cover is not sufficient to maintain the natural ecological balance of the country. This initiative is a good example of how the financial and banking system appreciates the unique role of social responsibility, nature conservation and lasting values.

According to Byblos Bank Armenia Chief Executive Officer Hayk Stepanyan, the Bank attaches great importance to nature conservation efforts and the efficient use of natural resources.

"We are committed to the principles of responsible banking and are very much interested in integrating environmental issues into our corporate social responsibility programs. By joining forces we can all preserve and restore our natural resources and pass them on to future generations," says Hayk Stepanyan, Chief Executive Officer of the Bank.

To celebrate the affair, on April 29, a symbolic tree planting event was arranged with the participation of Central Bank Chairman Martin Galstyan, as well as executive officers and employees of commercial banks, during which local Armenian forest tree species were planted. A memorandum of cooperation was signed between the Central Bank, the Union of Banks of Armenia and My Forest Armenia afterwards.

"Today we are kick-starting events that will take place throughout 2023 to celebrate the 30th anniversary of the Armenian dram. It is very symbolic that tree planting is the first such event. The Central Bank prioritizes support for the solution of environmental issues in our country, and we are glad that within the social responsibility framework, together with commercial banks and My Forest Armenia, we can contribute to the improvement of the environment," Central Bank Chairman Martin Galstyan said during the event.

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The Armenian dram was introduced on November 22. On that very day in 1993, the Central Bank of Armenia issued its own national currency to replace the Soviet ruble. On March 27, 1992, a special commission had already decided that the Armenian national currency would be named "dram", with “luma" as its subunit.