YEREVAN, MARCH 9. ARMINFO. Beginning from April 1, 2004, 10, 25, 50, 100 and 200 dram banknotes are considered null and void. Speaking at a press-conference today. Head of the Department for Issue Operations and Money Reserves of the Armenian CB Gevorg Tumanyan said that it applies to 10,25 and 200 drams banknotes issued in Nov 1993 and 50 and 100 dram banknotes issued in Nov, 1998. He said that beginning from Jan, 2004, 50 and 100 dram banknotes of the old model (issued in Nov, 1993) were withdrawn from circulation. Besides, beginning from March 1, 2004, 1000 drams banknotes issued in Oct, 1994 are considered null and void.
Instead of 50, 100 and 200 dram banknotes, coins of the same face value issued in March, 2003, are in the circulation. While instead of 1000 drams banknotes of the old model (Oct, 1994) new banknotes of the same face value issued in 2001 are put into circulation.
Tumanyan said that beginning from July, 2005, 5000 dram banknotes issued in Sept, 1995 will be considered null and void, instead of them, 5000 banknotes issued in 2003 are in the circulation. Beginning from Sept, 2005, 500 drams banknotes issued in March 1994 will be withdrawn from circulation.
He said that to secure an easy process of withdrawal of the above banknotes from circulation, they are subject to an exchange by trade facilities and servicing points, which, in their turn, will exchange them in commercial banks and their branches. Banks and their branches are to exchange the old banknotes of the population with the same quantity of new banknotes or coins free of charge, with the sum submitted for exchange being unlimited.
According to preliminary calculation of the Armenian CB, the cost of the issued coins was to be covered within 3-5 years, depending on the face value. But, it turned out that the cost value of several coins has become almost equal or even lower than the cost of the production of their banknotes. In short, expenses for the production of coins have been covered, Tumanyan said. He added that exchange of the banknotes of low face value with coins was necessitated by the fact that the banknotes were worn-out.
The Central Bank has not fixed any facts of forgery of coins. The ten-year-long experience showed that banknotes are more subjected to forgery. As compared to other post-Soviet states, for example Lithuania, Estonia and Kirghizia, the Armenian dram is forged the lest. And the volumes of money forgery are so low that they do not executive any threat to economy. In spite of this, the Armenian CB very attentively follows this process and takes all the necessary measures. The greatest number of forged banknotes “amateur and second-rate” are 500 dram banknotes, produced by dilettante-beginners through color-printers and xerox. The forgery of 5000 dram banknotes by “professionals” is not less considerable. The forged 20000 dram banknotes are fixed very rarely. However, the population have become more careful, especially with the banknotes of high face value, which, in its turn, deprive falsifiers of their “job.”
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