2 minutes agoThe Eurozone decides: No more 500 euro bills
Periskopi(7 years ago)
(7 years ago)The Eurozone will stop printing 500-euro bills, or violin-colored cuts that, according to authorities, are the most used means of criminals, while most of the 19 countries that have joined the common currency are expected to apply by next month. On January 27, 2019, 17 of the 19 national Central Banks in the area [...]
The Eurozone will stop printing 500-euro bills, or violin-colored cuts that, according to authorities, are the most used means of criminals, while most of the 19 countries that have joined the common currency are expected to apply by next month.
On January 27, 2019, 17 of the 19 national Central Banks in the Euro area will no longer issue 500-euro bills”, the European Central Bank announced on its website.
However, Austria and Germany will continue to print such bills until April 26, “in order to ensure a slight transition, but also for logistical causes”, it was later written in the ECB report.
The 500-euro bills in circulation, however, will remain legal and could be used to carry out payments.
The European Central Bank announced in May 2016 that it would stop producing 500-euro bills, saying then that it was expected to do so by the end of 2018, due to “concerns that these coins facilitate illegal activities”.
The largest single currency bill is one of the most valuable in the world, along with 1,000 Swiss francs (1.017) USSD or 888 euros).
Due to its high value and capacity, experts believe 500-euro bills have become valuable to criminals who launder money or even to financing terrorism, thus earning the nickname “Bin Laden” in certain circles.
According to ECB statistics, 500-euro bills occupy about 2.4 per cent of all currency in circulation, but only slightly more than 20% of total value.
