The news outlet “Hetq” recently reported on a customer in Armenia who is facing difficulties when using old design $100 banknotes for transactions in banks. These banknotes were originally released in 2006 and are no longer widely accepted. The customer recounts a recent experience where they exchanged US dollar notes for Armenian dram, only to receive a significant amount of old design $100 banknotes in return. The bank charged a 1% fee for the transaction due to the use of old banknotes. When questioned about this decision, the bank employees provided no clear explanation.

Frustrated by this situation, the customer decided to seek a solution at other banks but found that many institutions in Armenia have implemented a similar policy. They discovered that VTB Bank Armenia does not charge a commission for transactions with old banknotes, but they cannot guarantee the availability of new banknotes when cashing out funds. The Central Bank does not regulate the exchange of old banknotes among banks, and VTB Bank has clarified that they are not responsible for the terms of service of other financial institutions in Armenia in this matter. The fees charged by banks are regulated by agreements between clients and intermediaries, such as banks or paper banks.