New Polish PLN 500 note enters circulation
February 13, 2017
The National Bank of Poland (NBP) introduced to circulation a new, PLN 500 banknote on Friday.
The move is meant to reduce the cost of central bank’s storing reserves and better reflect rising levels of affluence.
"It is clear that there is a need to supplement the structure of banknotes in circulation," NBP board member Jacek Bartkiewicz told reporters. "The need for cash is rising."
The banknote features an image of King Jan III Sobieski, who reigned from 1674 to 1696, to preserve the chronological continuity of the “Polish Rulers” series, NBP said.
The Development Ministry opposed the new banknote, saying that it will facilitate clearances of illegal transaction and will be an obstacle in combatting the shadow economy.