05 Jul 2016
The European Central Bank unveiled a new 50 euro banknote on Tuesday to replace its most widely counterfeited bill and reaffirm its commitment to the use of cash.
The new bill will go into circulation in April 2017 with vending, ticketing and other machines accepting it from day one. Each banknote will have a life expectancy of around 4 years and cost between 6 and 10 euro cents each to produce.
Use of the 50-euro note has quadrupled in the past 15 years, with more than 8.5 billion bills in circulation, reflecting a steady rise in cash spending in countries like Germany and Austria where many shoppers are suspicious of electronic payments that can be monitored by authorities. They also prefer physical money that can be stored.
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