Goodbye to 500 euro banknotes. The European Central Bank has decided to retire them to prevent fraud and money laundering risks. The decision was finalized on Wednesday and is linked to fears of illegal activities that could be facilitated by the use of higher denomination banknotes. According to some calculations, in fact, it is enough to fill a briefcase with 24 euro banknotes to easily transport up to six million euro.
The ECB expects production of the 500 euro banknote to end towards the end of 2018, "when the new 100 and 200 euro banknotes of the Europa series will be introduced – reads the press release – In light of the international role of the euro and the in its banknotes, the 500 euro denomination will keep the linked value and can continue to be used as a means of payment”.
The €500 banknote will continue to be “exchanged by national central banks for an unlimited period of time”.
