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Modernizing ATMs for new banknotes requires little cost

In May 2017, the Central Bank of Armenia announced that it would put into circulation new composite banknotes that offer a higher degree of security and are of a better overall quality. The process for introducing the new notes will not require the withdrawal or replacement of banknotes currently in circulation as the new notes will simply be introduced as a new series.

Modernizing ATMs, terminals and other banknote reception points is expected to have little financial cost as the main changes will be to software. Moreover, the Central Bank has announced that all necessary expenses for updating ATMs and other similar machines will be covered by the government. There are 17 banks in Armenia operating more than 1,400 ATMs in the country.

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