New 50 000 Dram Banknote to Be Introduced

YEREVAN (combined sources)–The Armenian government will start circulating a new banknote with the face value of 50,000 dram (approximately $100). The currency board of the Armenian Central Bank has decided to put the new banknote into circulation on June 4. Central Bank spokesman Gevorg Tumanian told journalists on Thursday that the new banknote has a special design expressing the symbolism of the 1700th anniversary of Christianity in Armenia. It will have a picture of Holy Etchmiadzin on the front and pictures of the biblical Mount Ararat and Saint Gregory the Illuminator on the back.

Tumanian said that His Holiness Karekin II–Catholicos of All Armenia’s–has approved the design of the banknote and given it his blessing. The Central Bank spokesman also said that the banknote has special protective features which make it almost impossible to counterfeit. He rejected the suggestion that introducing new banknotes with a high nominal value could be a sign of inflation. The Armenian government recently introduced several new banknotes with a high face value. Tumanian said that the Armenian dram has never been so stable as it is now. He said that there is a growing demand for high denomination banknotes–especially for the newly introduced 20,000 dram banknote.

The Armenian Central Bank has also announced that it is planning to issue three types of jubilee silver coins. Two types of coins with the nominal value of 100 Armenian dram (a little more than US 10 cents ) will be devoted to 115th anniversary of Garegin Nzhde and Armenia’s accession to the Council of Europe. The third silver coin with a nominal value of 500 dram will be devoted to the tenth anniversary of Armenian independence. The coins will be put into circulation on June 4–along with the new banknotes.

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