Central Bank of the Republic of Artsakh
The Central Bank of the Republic of Artsakh (Կենտրոնական բանկ Արցախի Հանրապետության) functions as a symbolic issuing authority, notably defined by limited-issue banknotes circulating alongside the Armenian dram.
Quick Facts
Country: Nagorno-Karabakh
Currency: Nagorno-Karabakh dram
Local name: Կենտրոնական բանկ Արցախի Հանրապետության
Institutional Identity
The institution operates outside recognized monetary systems, issuing commemorative banknotes rather than managing a full economic currency, with everyday transactions conducted primarily in Armenian dram.
Historical Evolution
Introduced in the 2000s, the Artsakh dram was never intended for broad circulation, existing instead as a symbolic assertion of statehood through limited-denomination issues, notably the 2 and 10 dram notes forming a complete series.
Design Philosophy
Artsakh banknotes feature Armenian cultural and national symbols, including the “We Are Our Mountains” (Tatik-Papik) monument and Gandzasar Monastery, rendered in precise engraving and printed by Oesterreichische Staatsdruckerei, giving the series a distinctly high-quality European production standard.
For collectors
For collectors, the Central Bank of the Republic of Artsakh represents a closed chapter of unrecognized state currency, where limited denominations, Austrian printing quality and the region’s post-2023 disappearance create a finite and highly collectible geopolitical artifact.
