6th May 2016

ECB abolishes 500 euro note

The ECB decided on 4 May to discontinue issuance of the 500 euro banknote. Since a growing proportion of transactions is becoming cash-less, more and more the largest value banknote is used by criminals who use cash and avoid banks. In 2018, when the banknotes of 100 euro and 200 euro of the new series will be introduced, the ECB will cease the production of the 500 euro banknote and will not introduce its new series version. The production and issuance of the other banknotes will be adjusted to reflect this. Also, since the euro is widely used as a reserve currency, the existing 500 euro banknotes will remain valid indefinitely.

For more, click here.

Members of the American Chamber of Commerce in the Czech Republic