The European Central Bank (ECB) announced on Wednesday both the end of the issue of the 500-euro note and its gradual withdrawal from circulation. Production of this note will stop at the end of the year 2018, the ECB states. This particular note will still be able to be exchanged by national banks within the eurozone for an unlimited period.
The ECB justifies this withdrawal by the fact that the note, which is the largest euro denomination, may thus facilitate criminal activities.
The production of the 500-euro note will stop by the end of 2018 when the new series of 100 and 200-euro notes will be introduced. The euro will from then on comprise six notes (being 5, 10, 20, 50, 100 and 200 euros).