BANKNOTE CIRCULATION DROPPED 12 PERCENT IN JANUARY

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According to a review from the Bank of Spain issued this week, the total amount of cash put into circulation in January was 57,403,000 euro, of which 53.691 million is in notes, and the remaining 3.712 million in coins, collectively down by 12.2% from a year earlier, although only dropping by 5.6% compared to December 2013.

The number of 500 euro banknotes put into circulation in Spain during January fell by 13%, to just 80 million units, although they remain at levels similar to 2005. Compared to December 2013, the 500 denomination bills have dropped by 1.2%, from 81 million to 80 million notes, the lowest since May 2005. The number of notes in circulation had shown a steady growth, peaking in 2007, before the crisis, when 114 million units were in circulation, 29.8% more than that in the first month of 2014.

As for the 200 euro note, that remained stable with 13 million units circulating, whereas the 100 euro note started the year with 40% more in circulation over January 2013, but 12.5% less than in December.

In the more common denominations, 50 euro notes increased by 8.7% in January, with 830 million units being handed around, along with 23.350 million in 20´s and 8.581 million euro in 10´s.

However, despite the trend in the euro, it would appear that many Spaniards are still clinging to a little piece of history, with the Bank of Spain also reporting that at the end of January there were still 868 million euro worth of peseta bank notes remaining outstanding, although a million less than in November, plus an additional 806 million euro worth of coins, the same as the previous month.

Filed under: http://www.theleader.info/article/42821/

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