The number of 500 euro banknotes in circulation It stood at 16.1 million in August, its lowest figure for almost 20 years, in February 2002, according to the latest data published by the Bank of Spain, which stopped issuing this type of banknote in January 2019.
The amount of all the 500 euro banknotes stood in the eighth month of the year at 8,050 million euros, compared to more than 8,150 million euros in the previous month, which represents a fall of 1.22% in a month and 17.18% compared to the figure of a year ago (9,720 million).
It should be remembered that the governing council of the European Central Bank (ECB) agreed at the beginning of May 2016 to stop producing 500 euro banknotes.
In application of this decision, the Bank of Spain ceased the issuance of 500 euro notes from January 2019, although they will continue to be legal tender, therefore may continue to circulate and be used as a means of payment and as a store of value, that is to say to buy and save.
Also, professional sectors, such as banks, funds transport companies or offices and currency exchange, among other establishments, will be able to recirculate the 500 euro banknotes.
These banknotes will hold their value indefinitely and they can be changed at the central and national banks of the euro zone at any time.
Those of 200 also go down
For its part, the number of 200 euro banknotes in circulation it fell to 2.43 million units, with an amount that was around 486 million euros.
On your side, the amount of 50 euro bills it stood at 72,250 million euros in August, with 1,445 million units, somewhat lower than the previous month, with 11 million less units.
Gap in those of 100, 20 and 10
In the case of 100 euro bills, The gap between banknotes distributed and banknotes withdrawn in August persisted, after entities operating in Spain delivered more banknotes to the Bank of Spain than were put into circulation.
Specifically, the difference between the distributed banknotes and the withdrawn of 100 euros In the eighth month of 2021 it was 144 million units, which is approximately three million more than the previous month.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 the credit institutions, that they return part of these banknotes to the Bank of Spain because they do not need so many to meet the liquidity needs of their customers.
As for the 10 and 20 euro banknotes, the net balance between what was distributed and returns was also negative in the eighth month of the year. The gap was 1,564 million banknotes in the first case, higher than the 1,553 million in July 2021 and 2,162 million banknotes in the case of 20 euros, 17 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.