2017-07-26 Wed

Officials of Central Bank of Armenia stated that the decision for introducing composite money in 2018 will be costlier than retaining papermoney but is economically justified. A tender for printing composite banknotes has been issued and the bank is waiting for applications.

According to the bank officials, composite money can include security features, are more durable and do not get dirty easily. The production of composite money is by 30-40% costlier but their lifetime is 2-4 times longer. This will save money in the long run. Officials also stated that the cost of printing the new banknotes will not be included in the government budget.

The new notes will be introduced along with the i25th anniversary of the national currency – the dram. The current banknotes will be slowly replaced by the new ones. The new notes will feature new designs. 2,000 drams currency notes will be introduced for the first time whereas 100,000 drams banknotes will be revoked due to low demand.