New 50 euro banknote starts circulating

Updated 2017-04-05 11:30:28 Xinhua
“European

European Central Bank (ECB) President Mario Draghi attends the official launch ceremony of new 50 Euro banknote in Frankfurt, Germany, on April 4, 2017. New 50 euro banknote as the fourth banknote in the “Europa series” issued by the European Central Bank started circulating on Tuesday. (Xinhua/Shen Zhonghao)

New 50 euro banknote as the fourth banknote in the “Europa series” issued by the European Central Bank started circulating on Tuesday.

With over 9 billion of them in circulation, the 50 euro is the most widely used euro banknote denomination which accounts for 46 percent of all euro banknotes.

ECB President Mario Draghi said at the official launch ceremony that cash remains essential in economy even in this digital age.

“Over three-quarters of all payments at points-of-sale in the euro area are made in cash.In terms of transaction values, that's slightly more than half.” Draghi said.

“Holding a euro banknote and knowing that it can be used in 19 countries is a reminder of the deep integration Europe has attained,” said the ECB president, adding that support for the single currency now has been comparable to the highs recorded in the pre-crisis period, in spite of the difficulties in recent years.

The ECB planned to issue new 100 euro and 200 euro banknote around the end of 2018 whereas the new series will not include 500 euro banknote in view of concerns that the note could facilitate illicit activities.

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