Eurozone banks stops issuing €500 note.

The European central bank is at the final step in phasing out the 500 euro-note. The issuing of the violet colored bank notes, by the central banks in 17 of the 19 eurozone countries, will be put to an end from Sunday, January 27. To ensure a smooth transition only the German and Austrian central banks are clinging a while longer till April 26. The decision to stop its issuance will result in fewer circulating. The commercial banks will return them to their countries central banks and they will be replaced by lower denomination bills. Since all the bills remain legal tender, the ones with 500s needn’t worry. Last month, of all euro notes in circulation just 2.3% were 500 euro bill.

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