Central banks in the euro zone cease issuing banknotes with a nominal value of 500 euros

In Europe, issuing banknotes of a nominal value of 500 euros / photo moldovanews.md

As of 27 January, 17 of the 19 central banks in the euro area will cease issuing banknotes in the amount of EUR 500.

France24 reports with reference to the European Central Bank "As of 27 January 2019, 17 of the 19 national central banks in the euro area will cease issuing banknotes for 500 euros," the ECB reported.

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Austria and Germany will continue to issue notes of EUR 500 until April 26th in order to to ensure a smooth transition and logistical reasons.

The 500 euro bonds issued previously are in circulation and are legal

The ECB has announced its intention to cease issuing 500 euro notes in euros and 2016, arguing that these notes are often used in criminal activities. Because of their high cost, these notes are often used in money laundering and terrorist financing.

A 500 euro note is one of the most valuable bank notes in the world, next to a note in thousands of Swiss francs (equal to 888 euros).

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