YEREVAN, July 25. /ARKA/. Modernization of ATMs of Armenia’s commercial banks will need no considerable financial resources when new banknotes appear, David Nahapetyan, Secretary General of the Central Bank of Armenia, said in an interview with Novosti-Armenia.

“Banks and other companies will have certainly to make some changes for new-generation banknotes, mainly software modernization of ATMs, terminals and other banknote reception points,” he said adding that this will take not so much money from banks.

Besides, all the necessary expenses will be paid from the government budget.
As many as 17 banks with more than 1,419 ATMs operate in Armenia now.

Nahapetyan said that the country’s banks already have an appropriate experience – they made similar changes when the central bank put into use banknotes with new elements.

“For example, we have re-issued 20,000-dram banknotes trice and 1,000-dram banknotes four times,” he said. “Indeed, this will require software renewal of ATMs from banks, but this spending is not serious, and nothing but software has to be changed.”

Nahapetyan also stressed that the introduction of the new banknotes will create no problems for the population and business people.

“This process implies no withdrawal of banknotes from circulation or replacement of old banknotes with new ones – this is just introduction of a new series of banknotes,” he said in his interview.

The regulator will put third-generation composite banknotes into use this year.

The current banknotes will gradually be ousted by new ones. --0---