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The European Central Bank (ECB) has decided to stop production and issuance of the EUR 500 banknote.
The ECB has also decided to exclude the largest note denomination from the Europa series, “taking into account concerns that this banknote could facilitate illicit activities”, the Bank said in a statement on Wednesday.
The EUR 500 note will remain legal tender and can continue to be used as a means of payment and store of value, the ECB added.
The note "can be exchanged at the national central banks of the Eurosystem for an unlimited period of time," the Bank said.
The issuance of the EUR 500 will be stopped around the end of 2018, when the banknotes of EUR 100 and EUR 200 of the Europa series are planned to be introduced, the ECB added.
The Europa series is the second series of euro banknotes, which is being introduced since 2013, gradually replacing the first series of banknotes. So far, banknotes of EUR 5, 10 and 20 of the Europa series have been put into circulation.
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