Old second-generation banknotes will remain legal tender in Armenia until April 15, 2026

Second-generation banknotes will continue to be considered legal tender in Armenia until April 15, 2026. After that date, these banknotes will be subject to replacement and gradually withdrawn from cash circulation.

This was announced by the Central Bank of Armenia, which clarified the timeline and exchange procedure.

What will change after April 15, 2026

1. From April 15, 2026, citizens will be able to exchange all second-generation banknotes free of charge and without any limits at commercial banks operating in Armenia and the Central Bank of Armenia.
2. There will be no restrictions on the amount or number of banknotes exchanged.

Why the banknotes are being withdrawn

On April 28, 2025, the Central Bank announced that, according to a decision of the CB Board, second-generation banknotes would be withdrawn from circulation due to natural wear and tear starting from April 15, 2026.

Earlier, in a press release dated July 11, 2017, the Central Bank emphasized that second-generation banknotes would only be withdrawn once third-generation banknotes were fully introduced throughout the entire cash circulation chain, second-generation banknotes had reached a level of physical deterioration making them unsuitable for circulation.

Current cash circulation situation

According to the Central Bank:

1. the majority of second-generation banknotes currently show a high degree of physical wear;
2. in circulation, AMD 1,000, 5,000, 10,000 and 20,000 denominations are now predominantly represented by third-generation banknotes featuring Paruyr Sevak, William Saroyan, Komitas and Hovhannes Aivazovsky;

These factors formed the basis for the decision to withdraw second-generation banknotes from circulation.

The following second-generation Armenian banknotes will be withdrawn from cash circulation:

1. AMD 500 issued in 1999 featuring Alexander Tamanian;
2. AMD 1,000 issued in 1999, 2001, 2011 and 2015 featuring Yeghishe Charents;
3. AMD 5,000 issued in 1999, 2003, 2009 and 2012 featuring Hovhannes Tumanyan;
4. AMD 10,000 issued in 2003, 2006, 2008 and 2012 featuring Avetik Isahakyan;
5. AMD 20,000 issued in 1999, 2007, 2009 and 2012 featuring Martiros Saryan.

The Central Bank’s decision is technical and planned and poses no risk to the public. Second-generation banknotes may be freely used until April 15, 2026, and afterwards can be exchanged calmly and free of charge at any commercial bank or at the Central Bank.