16:31 - 12.12.2018

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December 12, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has released a statement on the information concerning the withdrawal of €500 banknotes from circulation.

The CBA statement says that as previously the €500 banknote will be used as a legal currency in circulation.

"It is also allowed to store and use €500 banknotes in all commercial institutions (including banks, specialized cash institutions, exchange offices). This banknote will be exchanged by central banks included in the Eurosystem," the CBA said.

The European Central Bank decided to suspend the production of €500 banknotes on 4 May 2016 and reissue of banknotes of this denomination at the end of 2018. In this regard, according to the ECB report from 23 November 2018, Central Bank of Germany (Bundesbank) and the Central Bank of Austria from 26 April 2019 (including this date), as well as all other central banks of the Eurozone, from January 2019 (including this day) the re-issue of €500 banknotes will be suspended.