Big changes in the wallets of every inhabitant of the European Union. The €200 and €500 banknotes will soon be withdrawn from circulation. The one with a higher value will begin to disappear from the market in just a few months. Rest assured – it will still be tradeable in some places.
Check if you have these banknotes at home. It’s worth replacing them
Big changes are coming to the wallets of European citizens. It seems that holding some banknotes can be a hassle. All thanks to the decision of the vast majority of European Union countries.
“From January 27 this year, 17 of the 19 central banks in the euro area will no longer issue €500 banknotes,” the European Central Bank said. In 2024, the banknote is to disappear from circulation.
A similar fate awaits the 200 euro banknote. It’s just that in this case the change comes into force a year later.
The decision of the European Central Bank to phase out the largest denominations is dictated by security and practicality. In retail, retailers are very reluctant to accept €200 and €500 in one banknote.
The second point concerns the fight against crime. High-denomination euro banknotes are often counterfeited by fraudsters. In addition, their high value means that they are often used by organized crime groups that, by paying in cash, avoid using the banking system
500 and 200 euros will lose value? We calm down
The EBP’s decision does not mean that banknotes of such denominations will lose their value completely. State banks will simply stop pumping them to the market. They will also start to collect them from circulation, which will slowly disappear, and using them will be quite troublesome. More and more retail and service outlets will not take over them.
However, this money will formally remain legal tender throughout the European Union. We can easily pay taxes with them or exchange them for other denominations in banks in the euro area.
MB
photo. €500 and €200/Pixabay notes
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2023-09-07 20:30:20
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