YEREVAN (Armenpress)–The Central Bank of Armenia announced Thursday–that it has issued new banknotes with a nominal value of 500 Drams. This is to be put into circulation on September 1.
According to the Bank’s decision–the old banknotes will remain as legal tender until August 31–2005. Beginning September 1–2005–the old banknotes will not be regarded as legal tender–but they will be subject to exchange without any restriction in quantity.
The new banknotes–printed on white paper–depict the portrait of the prominent Armenian architect Alexander Tamanian.