Wednesday, June 3, 2020

A lot of 500-euro notes still in circulation

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KAlmost a year after the issue stop for the 500 euro note, the most valuable euro banknote is still very popular. “The majority of the 500s are still in circulation,” said Bundesbank board member Johannes Beermann of the German press agency in Frankfurt.

The Deutsche Bundesbank and the Austrian National Bank last issued the purple note on April 26, 2019. The other 17 national central banks of the Eurosystem had already finished issuing the 500 euro note on 26 January 2019.

In 2019, 500s worth a net 14 billion euros were returned to the Deutsche Bundesbank. “With a volume of just under EUR 160 billion outstanding at the Bundesbank at this point, this is only a small proportion,” explained Beermann. “Even in the first months of this year, only a few 500s flowed back to the Bundesbank.” Germany’s monetary authorities are observing a similar trend for the entire Eurosystem.

At the beginning of May 2016, the Council of the European Central Bank (ECB) decided that the production and issue of the 500-euro banknote would be stopped “towards the end of 2018”. In the revised second series of common banknotes, there is no longer a 500-euro note. The 500s in circulation remain legal tender and can be exchanged at the national central banks in the euro area without any time limit. Proponents promise that terrorist financing and undeclared work will be pushed back by foregoing the € 500 bill.

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