In January, the other 17 central banks of the euro zone had already stopped issuing, including De Nederlandsche Bank. The European Central Bank (ECB) has decided to close the production of the 500 euro note "because of its popularity with criminals." The banknotes are withdrawn from circulation. Unchanged stationery holds its value.
In Austria and Germany, the highest value paper money was the most widely used. That is why the trading operation in these countries took several more months. According to the Bundesbank, there were no races in the 500 euro banknote in recent months.
The ECB introduces new EUR 100 and EUR 200 banknotes in May, with improved security features.
According to the ECB, 540 million euros of 500 euros were still outstanding in 2016, with a value of 269.9 billion euros. This number almost does not decrease: in March of this year there were still about 509 million notes, with a value of 254.6 billion euros.