The number of 500 euro bills in circulation stood at 15.82 million in September, its lowest figure for almost 20 years, in February 2002, according to the latest provisional data published by the Bank of Spain, which stopped issuing this type of banknote in January of 2019.
The amount of all the 500 euro banknotes stood in the ninth month of the year at 7,910 million euros, compared to more than 8,150 million euros in the previous month, which represents a fall of 2.9% in one month and 17.43% compared to the figure of a year ago (9,580 million).
It should be remembered that the governing council of the European Central Bank (ECB) agreed in early May 2016 stop producing 500 euro bills.
In application of this decision, the Bank of Spain ceased the issuance of 500 euro banknotes from January 2019, although they will continue to be legal course, so they can continue to circulate and be used as a means of payment and as a store of value, that is, to buy and save.
Likewise, professional sectors, such as banks, money transport companies or offices and currency exchangeAmong other establishments, they will be able to recirculate the 500 euro banknotes.
These banknotes will maintain their value indefinitely and can be exchanged at the central and national banks of the euro area anytime.
They go down the 200 bills
For its part, the number of 200 euro bills in circulation fell to 2.06 million units, with an amount that was around 412 million euros.
On your side, the amount of 50 euro bills in August it stood at 71.9 billion euros, with 1,438 million units, somewhat lower than the previous month, with 7 million units less.
Gap between the 100 bills and the 10 and 20 bills
In the case of 100 euro bills, the gap between distributed banknotes and banknotes withdrawn in August persisted, after entities operating in Spain delivered more banknotes to the Bank of Spain than were put into circulation.
Specifically, the difference between the 100 euro banknotes distributed and those withdrawn in the ninth month of 2021 was 116 million units, which is approximately two million more than the previous month.
This situation may be due to the fact that the country is a recipient of tourism and the possibility that tourists have brought many bills of this type to Spain in recent years. Much of the tourists’ money ends up in credit institutions, which they return part of these banknotes to the Bank of Spain because they don’t need that many to meet the liquidity needs of their clients.
As for the 10 and 20 euro banknotes, the net balance between the distributed and the returns was also negative in the ninth month of the year. The gap was 1,570 million banknotes in the first case, higher than the 1,564 million in August 2021 and 2,177 million banknotes in the case of 20 euros, 15 million more than the previous month.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.