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Replacing banknotes with coins not to depreciate their value

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  • Replacing banknotes with coins not to depreciate their value

    ArmenPress
    March 9 2004

    REPLACING BANKNOTES WITH COINS NOT TO DEPRECIATE THEIR VALUE

    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    of 50 and 100 drams, issued in 1993, were withdrawn from circulation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    1995 will be withdrawn from circulation in 2004 July 1.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.
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