Bank of Spain will stop printing €500 banknotes this month

THE Bank of Spain will stop issuing €500 banknotes from Sunday, January 27, amid growing concern they are being used for criminal activity, such as corruption or the financing of terrorism.

A similar practice was adopted by the Eurosystem, the monetary authority of the eurozone, in May 2016.

The notes, however, will continue to be legal tender and can continue to circulate and be used as a means of payment and as a deposit of value.

Professional sectors, such as banks, fund transport companies or offices and currency exchange, may also recirculate the banknotes.

These notes will hold their value indefinitely and may be exchanged at the national central banks of the euro area at any time.

According to figures published by the Bank of Spain, there were 31 million €500 notes in circulation in November.