Determination of the number of euro banknotes to be printed before the launch date of 1 January 2002
As already announced via the Introductory Statement of the press conference following the Governing Council meeting on 6 July 2000, the ECB carries out an annual forecasting exercise to determine the number of euro banknotes to be printed before the launch date of 1 January 2002. This year's forecast shows that there will be a need of 14.5 billion banknotes, as compared with last year's estimate of 13 billion banknotes. This figure (in contrast to that one published last week) includes the production volume for Greece. The increase can be attributed to three main factors:
a higher than expected figure for banknotes in circulation, which is the basis for the estimates of the launch stocks;
a higher forecast for the use of low-denomination banknotes; and
a slower than previously expected development in the use of electronic money.
10 billion banknotes are expected to be put into circulation to replace the national banknotes and 4.5 billion are considered logistical stocks. The nominal value of these banknotes amounts to approximately EUR 649 billion.
For further information, please see the attached tables - Annex 1 and Annex 2.
|Number of euro banknotes to be produced by 1 January 2002 (in millions of banknotes)|
|Number of euro banknotes to be produced by 1 January 2002, broken down by denomination (in millions of banknotes)|