The Hellenic Bank Association on Tuesday clarified that no decision has been made by the ECB regarding the withdrawal of the 500-euro bank notes from circulation.
Nevertheless, the association, which represents banks active in Greece, said that if and when such a decision is taken, then the highest euro bill will not be legal tender for normal transactions.
The period given to exchange drachmas for euros was a little more than 10 years, it reminded, while certain EZ members (Germany, Austria, Ireland etc) continue to exchange their previous national currencies for euros.
Speculation that the ECB would withdraw the 500-euro bill caused a mini “rush” of customs to queue in front of Greek bank tellers in order to exchange the bank note for smaller denominations.
With capital controls still in place in the country, the BoG ordered banks to record the particulars of anonymous customers requesting exchanges of 500-euro notes. Customers with banks accounts were not required to provide any more information.
