MADRID: Slowly, slowly, the high value notes acquired during the property boom years are coming out from under the beds of the nation
Among the details released this week by the Banco de España regarding the banknotes currently in circulation, one of the most eye-catching statistics is that there are now fewer 100-euro notes in this country than at any point since they were first introduced in 2002.
Number of large denomination banknotes in circulation continues to fall in Spain
During the month of May the number of old 100-euro notes withdrawn from circulation was 4 million higher than the number of new ones issued, and the equivalent difference over the last twelve months now comes to 15 million. Whether these figures are wholly reliable, though, is debatable: there is a strong possibility of them being distorted by the large number of visitors to Spain from other EU countries, as many will have brought currency into this country without it being issued as new by the Banco de España.
In May the number of 500-euro notes reported to be in circulation also fell, as it did during April in this case by 7.7%, and remains at the same level as in 2005 before the property boom when levels of 500 euro notes soared (71 million notes, or 35,428 million euros), while the number of 200-euro notes has fallen by 13.3% over the last year to 10.5 million or so (with a value of 2,095 million euros). These decreases were partly offset, however, by a 3.4% rise in the number of 50-euro notes in circulation, which now stands at 865 million (43,250 million euros).
