ECB ceases to issue banknotes at nominal value EUR 500

The European Central Bank (ECB) ceased to issue banknotes with a nominal value of EUR 500 (roughly 13 000 crowns) at the end of the year 2018. At the same time from 28. In January 2019, most of the euro area central banks ceased to circulate these banknotes. Only exceptionally, the central banks of Germany and Austria will issue five-dollar banknotes to the 26th April 2019. The head of the ECB, Mario Draghi, said it will be possible to continue using it and can be replaced at any time in the future.

The five-dollar banknote belongs globally to the highest denomination banknotes. And that’s the reason to limit their availability. According to Dutch Treasury Secretary Jeroena Dijsselbloa, large banknotes and high amounts of cash bear the risk of being exploited to finance terrorism and money laundering. Europol said that a suitcase containing five million EURO-denominated banknotes weighs only 2.2 kilograms. According to the ECB, the total value of cash for more than EUR trillion (CZK 27 trillion) has risen in the last year. More here.

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