EU Banks Stop Issuing €500 Euro Note

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According to latest data, banknotes of EUR €500 will no longer be issued by the central banks of 17 EU countries. Eurobank officially announced that the issuance of banknotes will be stopped from January 27th of this year. However, Austria and Germany will stop printing EUR €500 banknotes only from April 26th to make the transition smoother.

The main reason for this is the tightening of measures to combat the illegal circulation of cash. However, the use of previously issued notes will be allowed. In general, the downward trend in cash turnover is becoming very popular in European countries.

At the moment, the largest denomination banknote is the 1000 francs Swiss note (approximately USD $1017).