500 euro banknotes to be removed at the end of 2018

Euro banknoteEuro banknote.Photo:REUTERS/Leonhard Foeger

The European Central Bank has decided to stop the production of the 500 euro banknotes within the end of 2018.

The decision has been made during a meeting this Wednesday. The banknotes currently in circulation will continue to be valid, but ECB will stop printing new 500 euro bill after 2018.

500 euro is approximately 4.900 Norwegian kroner. Main reason for removing the banknote from the market is the concern related to crime. One million euro in 500 euro banknotes weighs only 2,2 kilo and can easily fit in a laptop bag. It has been criticized that the 500 euro bill has been an effective tool for money laundry.

The 500 euro banknote represents roughly 30 percent of the total amount of the current euro bills in circulation.

Source: NTB scanpix / Norway Today