Bank of Portugal incinerates 950 million euros worth of €500 notes

Since January last year every single €500 note that has been paid into anyone’s bank account has been incinerated following the European Central Bank decision to phase-out these notes due to their use in questionable ventures (click here).

In all, say reports, 1,900,362 notes have quite literally ‘gone up in smoke’.

Any more ‘circulating’ out there will go the same way.

At the other end of the scale, the 1 and 2 cent pieces appear also to have their days numbered, albeit not because of their use by fraudsters and tax evaders.

Say reports, the European Commission has launched public consultation today “to evaluate the impact of the use of 1 and 2 cent coins, admitting their discontinuity by the end of 2021 due to cost and public acceptability criteria”.

natasha.donn@algarveresident.com