YEREVAN, January 20. /ARКА/. After April 15, 2026, citizens of Armenia will be able to exchange all second-generation banknotes free of charge at commercial banks operating in the Armenia and at the Central Bank, the regulator’s press service reported. Until April 15, 2026, old-issue banknotes will be considered legal tender.
In 2017, the Central Bank announced that second-generation banknotes would be withdrawn from circulation only when third-generation banknotes are introduced throughout the monetary circulation chain and second-generation banknotes become unusable due to physical wear.
On April 28, 2025, the Central Bank announced that second-generation banknotes would be withdrawn from circulation as of April 15, 2026, due to natural wear. Currently, the majority of second-generation banknotes are highly worn, and the majority of 1,000-dram, 5,000-dram, 10,000-dram, and 20,000-dram banknotes in circulation are third-generation banknotes (bearing portraits of Paruyr Sevak, William Saroyan, Komitas, and Hovhannes Aivazovsky).
Meanwhile, the 1999 500-dram banknotes (bearing the portrait of Alexander Tamanyan) have been largely replaced by coins.
Therefore, it became necessary to withdraw these second-generation banknotes from circulation. According to the decision of January 1, 2026, the following second generation banknotes of the Republic of Armenia will be withdrawn from circulation:
• 500 drams issued in 1999 (with the portrait of Alexander Tamanyan)
• 1000 drams issued in 1999, 2001, 2011, 2015 (with the portrait of Yeghishe Charents)
• 5000 drams issued in 1999, 2003, 2009, 2012 (with the portrait of Hovhannes Tumanyan)
• 10,000 drams issued in 2003, 2006, 2008, 2012 (with the portrait of Avetik Isahakyan)
• 20,000 drams issued in 1999, 2007, 2009, 2012 (with the portrait of Martiros Saryan)
New third-generation composite banknotes were introduced into circulation in Armenia in 2018, the year of the 25th anniversary of the Armenian dram. The themes of the third-generation banknotes are: 1,000 drams – Paruyr Sevak, 2,000 drams – Tigran Petrosyan, 5,000 drams – William Saroyan, 10,000 drams – Komitas, 20,000 drams – Hovhannes Aivazovsky, and 50,000 drams – Saint Gregory Illuminator.-0-
