This report unravels key aspects of Armenia's monetary reality in a graphic discussion. It is entirely based on data provided by the Central Bank of Armenia, with a select number of other sources that are identified when due. Armenia earned its independence in 1991 following the collapse of the Soviet Union. The Central Bank of Armenia, the commercial banks operating within the country, the Armenian currency Dram (AMD), and much of what is today corporate Armenia were all spawned into existence around 22 or so years ago. The last two decades have been an intense institution building period during which the Soviet legacy was reinvented into a new socioeconomic order using a local version of free market economics. This newly created and more open order is far from perfect, free, or fair, and it is a work in progress shaped by many, and often contradictory, local, regional, and global forces. Operating in the context of a debt based world monetary architecture, Armenia's banking system and monetary development are of key importance to the overall direction and momentum of socioeconomic evolution in the country. This is so because the creation and expansion of industries, the deepening of financial markets, the development of exports, the expansion of domestic investment and consumption, and the growth and direction of government expenditure, are all directly and indirectly linked to the domestic management of credit, money, interest rates, and exchange rates, making GDP growth and wealth creation a key responsibility as well as a challenge of the banking system as a whole. This report reveals that there may be a lurking crisis of confidence in the national currency Dram (AMD). With a 70% dollarization ratio, Armenia's key monetary challenge seems to be trust and confidence in itself. Indeed, Armenia's growing external debt figures, high dollarization ratios, and trade and investment performance suggest the need for institutional reform and a policy revamp aimed at reestablishing trust through a common vision of prosperity. The report looks at money supply, deposit and loan dollarization, external debt, and foreign currency flows. It identifies key policy issues, and suggests a corporate strategy matrix that can help public and private decision makers address the monetary reality of Armenia today.