Central Bank to Withdraw Second Generation Banknotes from Circulation

On April 28, 2025, the Central Bank announced that according to the decision of the Central Bank Council, as of April 15, 2026, the second-generation banknotes will be withdrawn from circulation due to normal wear and tear.

In a press release dated July 11, 2017, the Central Bank specifically noted that second-generation banknotes would only be withdrawn from circulation when third-generation banknotes are fully integrated into the entire currency circulation chain and the second-generation banknotes are deemed unfit for circulation due to significant physical wear.

Currently, the majority of second-generation banknotes have high physical wear, and the main portion of the circulating 1,000 dram, 5,000 dram, 10,000 dram, and 20,000 dram banknotes consists of third-generation notes (featuring portraits of Paruyr Sevak, William Saroyan, Komitas, and Ivan Aivazovsky). Additionally, the 500 dram banknotes from the 1999 issue (featuring the portrait of Alexander Tamanian) have largely been replaced by coins, necessitating the removal of these second-generation banknotes from circulation.

According to the stated decision, the following second-generation Armenian banknotes will be withdrawn from circulation:

• 500 dram (1999 issue, portrait of Alexander Tamanian)
• 1,000 dram (1999, 2001, 2011, 2015 issues, portrait of Yeghishe Charents)
• 5,000 dram (1999, 2003, 2009, 2012 issues, portrait of Hovhannes Tumanyan)
• 10,000 dram (2003, 2006, 2008, 2012 issues, portrait of Avetik Isahakyan)
• 20,000 dram (1999, 2007, 2009, 2012 issues, portrait of Martiros Sarian)

Until April 15, 2026, the mentioned banknotes will remain a lawful means of payment, and after April 15, 2026, citizens can exchange any remaining “old” banknotes without restrictions at commercial banks operating in Armenia and at the Central Bank free of charge.