The central bank withdraws two denominations.  What to do if you still have it?

Big changes in the wallets of every EU resident. The 200 and 500 euro banknotes will soon be withdrawn from circulation. The higher value type will begin to disappear from the market in just a few months. Rest assured – it will still be possible to replace it in some places.

Check if you have these banknotes at home. It is worth replacing them

Big changes are coming to Europeans’ wallets. It appears that some banknotes may be difficult to hold. And all this thanks to the decision of the overwhelming majority of European Union countries.

– As of January 27 this year, 17 out of 19 central banks in the euro area will no longer issue 500 euro banknotes, the European Central Bank said. In 2024, the banknote is scheduled to disappear from circulation.

A similar fate awaits the 200 euro banknote. However, in this case, the change takes effect after a year.

The ECB’s decision to phase out the largest denominations is dictated by safety and practicality. In retail trade, sellers are very reluctant to accept 200 and 500 euros in one banknote.

The second issue relates to combating crime. High value euro banknotes are often counterfeited by fraudsters. Furthermore, their high value means that they are often used by organized criminal groups who avoid using the banking system, by settling them in cash.

Do 500 and 200 euros lose their value? We calm down

The European Budget Bank’s decision does not mean that banknotes in these denominations will completely lose their value. State banks will simply stop pumping it into the market. They will also start collecting them from circulation, which will slowly make them disappear, and will be extremely annoying to use. More and more retail and service organizations will no longer be responsible for it.

However, this money will remain an official means of payment throughout the European Union. We can easily pay taxes using them or exchange them for other denominations in banks in the Eurozone.

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picture. 500 and 200 euro banknotes/Pixabay

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