ECB and manufacturers of banknote machinery and the European Central Bank have signed an understanding memorandum, emphasizing the commitment to ensure trade and ticket machines, as well as other equipment that accepts notes, will be able to process the new 50 euro notes from day one. They also expressed commitment to inform clients, partners and other involved sides about the new note, as reported by the Bank of Latvia.
«We – the Eurosystem and industry partners – have begun preparations for the introduction of the new 50 euro note to ensure companies and residents are fully prepared to start using new notes from day one,» – notes ECB Banknote Directorate manager Ton Roos.
50 euro note is the most often used note in Europe. 50 euro notes form approximately 45% of the total number of notes.
«The new 50 euro note will be the fourth European series note. Its introduction will be carried out in a progressive and carefully weighted manner. The new note will enrich Latvia and Eurozone with a renewed design and improved security measures. Entrepreneurs have been given enough time to prepare for the release of the new note. Nevertheless, the Bank of Latvia urges no delays in preparing equipment for the new note. Although the introduction of previous series of European notes was carried out quickly and without complications, it is necessary to perform preparations in advance in order to avoid problems with money processing equipment and customer service,» – comments the bank’s expert on bank notes Aleksandrs Antins.
Latvian entrepreneurs are asked to contact money processing equipment manufacturers about the necessary software updates and the Bank of Latvia to apply for a test supply of new banknotes to properly adapt equipment (call these numbers 67022391, 67022326, 67022638).
«It can be expected that the introduction of a new 50 euro note will not cause any significant problems in Latvia. Money processing machinery used in Latvia (including money processing machinery used by commercial banks, petrol stations, automatic drink machines, parking machines and ticker machines) are mostly procured in Western Europe. With that, it is expected all preparations for the new notes will have been made by manufacturers by the time new notes arrive in Latvia. Any required changes can be performed by accessing the software and adding the necessary updates. It is important for residents to know that they do not have to do anything – there is no need for them to go to banks and change notes. The new 50 euro note will be added to the circulation gradually,» – said Antins.
Preparations are also currently underway to ensure smooth introduction of notes with larger nominal value (100 and 200 euro).