2016-02-11 Thu

Poland released a new 500-zloty (99 pound) banknote on Friday to reduce the cost of storing reserves and reflect the increasing spending power of the general public. Even after a deputy economy minister warned that the release of new notes will increase criminal activity, the decision was taken by the Central Bank as they thought that the demand for cash was increasing. There has been a 15 percent rise in circulating cash last year. The new notes will be available for general public but will not be used for normal everyday transactions.

Poland's new 500 zloty banknote will be almost equal to the highest denominations in Denmark, Norway, two countries which promote electronic money. The European Central Bank would also stop issuing 500 euro ($532) banknotes till 2018 to control black money. Even though other countries are promoting electronic money and getting rid of high denomination notes, Poland has taken a different stand.