sofia December 30, 2019

Berlin, Austria (Online) The central bank of Germany and the National Bank of Austria have stopped issuing notes worth 500 euros. In countries like Pakistan, the demand for these big notes was high and exchange rates were paid better for them. Both countries have stopped issuing big notes worth 500 euros since Friday. However, the 500 euro notes in the circulation will remain legal. The 500 euro notes are counted among the world’s banknotes Most of all.

500 euro notes were stopped in major European countries demand was high in Pakistan

The value of the 500 euro note equates to about 75 thousand rupees in Pakistan and that is why demand is high. Such big notes are also used for money laundering or smuggling. In Pakistan, the currency exchange rate is also higher than the normal exchange rate of one euro in exchange for 500 euro notes. According to Pakistani officials, most of those who were caught in money laundering in the past had more than five hundred euro-denomination notes.

500 euro notes were stopped in major European countries demand was high in Pakistan

Only two-thirds of the paper currency used within the euro zone is five percent. Contains hundreds of euro notes, but they are more commonly used in Germany and Austria than in the rest of the euro zone. According to the European Central Bank (ECB), the euro notes are mainly used by criminals. To hide their illicit wealth or to do money laundering. Meanwhile, the Central Bank of the Eurozone has adopted All banknotes have also started to re-design them to be more difficult to replicate. An ECB spokesperson said last week, “We have a responsibility to ensure the integrity of the Euro Banknote and we will continue to improve the banknote technology.”

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