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Currency History: RUS currency 1828-1917; AZE 1918-20; RUS 1920-91; AZE 1991-98; ARM 1998 >
Nagorno-Karabakh was recently part of Azerbaijan until it seceded in 1991

Nagorno-Karabakh uses the Armenian Dram (AMD) as its regular currency.

* Recognized only by Abkhazia, South Ossetia and Transnistria

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Nagorno-Karabakh(NKR) liberation movement to separate from Azerbaijan and re-establish its historical ties with Armenia began in 1998.

 On February 20, 1988, "Artsakh Revival Day" The Nagorno-Karabakh Autonomous Republic submitted a petition to the Supreme Council of the USSR to secede from the Azerbaijan Soviet Socialist Republic and transfer to the Armenia Soviet Socialist Republic.

In an attempt to further this process, the above banknotes were prepared as souvenir issues. Even with this approach there has been a great deal of controversy about them (see link below).

Azerbaijan has not accepted any change in status, even objecting to the souvenir notes as they indicate a sign of independence. They have been accused by Nagorno-Karabakh of genocide and the US Congress adopted a resolution in August 1992 condemning the actions of Azerbaijan and cutting off assistance.

A cease fire was signed on May 5, 1994 and NKR is now a defacto independent state with local election occurring in September 1998 and a transition to a free market economy has begun.