Central Bank Clarification Regarding 500 Dram Notes

On April 28, 2025, the Central Bank announced that according to the decision of the Board of the Central Bank of Armenia, second-generation banknotes will cease to be in circulation as a result of normal wear and tear starting from April 15, 2026. This information is relayed by the Central Bank.

In a press release dated July 11, 2017, the Central Bank specifically noted that the second-generation banknotes would only be withdrawn from circulation once the third-generation banknotes are introduced throughout the entire currency circulation chain and the second-generation banknotes exhibit physical wear making them unfit for circulation.

Currently, the majority of second-generation banknotes exhibit high physical wear, with most of the currency in circulation consisting of third-generation notes (with portraits of Paruyr Sevak, William Saroyan, Komitas, and Ivan Aivazovsky), whereas the 500 dram banknotes from the 1999 release (featuring the portrait of Alexander Tamanyan) have mostly been replaced by coins. Therefore, the necessity has arisen to withdraw the mentioned second-generation banknotes from circulation.

As of January 1, 2026, the ratio of second- and third-generation banknotes in circulation will be adjusted. According to the stated decision, the following second-generation banknotes will be removed from circulation:

• 500 dram banknote from the 1999 release (featuring Alexander Tamanyan)
• 1000 dram banknotes from the 1999, 2001, 2011, 2015 releases (featuring Yeghishe Charents)
• 5000 dram banknotes from the 1999, 2003, 2009, 2012 releases (featuring Hovhannes Tumanyan)
• 10000 dram banknotes from the 2003, 2006, 2008, 2012 releases (featuring Avetik Isahakyan)
• 20000 dram banknotes from the 1999, 2007, 2009, 2012 releases (featuring Martiros Saryan)

Until April 15, 2026, these banknotes will be considered legal tender, and after that date, citizens may exchange any remaining 'old' banknotes free of charge at commercial banks operating in Armenia and at the Central Bank.