Based on the announcements of the European Central Bank on 04/05/2016, it was decided to terminate the issue of banknotes of 500 euro, however, the banknotes that are in circulation are still legal payment instrument and will continue to be accepted as means of payment.
As announced by the ECB, the decision was based on concerns that this banknote can facilitate illegal activities. The issuance of bank note of 500 euro will be discontinued by the end of 2018, and will be introduced the ones of 100 and 200 euro of Europa series. Other bank notes of 5-200 euro continue to circulate and will be issued as before.
The banknote of 500 euro retains its value and can be exchanged at the national central banks within the Eurosystem for an indefinite period.