Replacing banknotes with coins not to depreciate their value

March 9 2004


YEREVAN, MARCH 9, ARMENPRESS: Armenian banknotes with a face value
of 50 and 100 drams, issued in 1993, were withdrawn from circulation
from December 31 2003, while banknotes with 1000 drams face value
ceased to be legal tender from 2004 March 1. Other banknotes with
face value of 10,25, 200 drams, as well as 50 and 100 dram banknotes,
issued in 1998 will be circulated until April 1.
An official of the Armenian central bank said today that all
listed banknotes have not lost their value and can be exchanged at
the central or commercial banks free of charge. He said there is no
deadline for their exchange.
He also said these banknotes are to be accepted by all trading
outlets before the deadline, adding that introduction of coins will
not lead to dram’s depreciation. The 5,000 dram banknotes, issued in
1995 will be withdrawn from circulation in 2004 July 1.
The official, Gevork Tumanian, the head of central bank’s emission
department, said the overall number of faked banknotes, if compared
with other CIS countries, is small in Armenia and their volume does
not pose any danger to the economy. He said the national currency is
faked either by professionals or amateurs, the first using advanced
technologies while the second print them by computers. More than
others is faked a 500 dram banknote. He said no instances of faked
coins were revealed, which he said requires special devices and is
more costly.