Circular Letter No. CC/2025/00000020

Circular Letter No. CC/2025/00000020 Mod. 99999924/T – 01/14 Subject: End of Recirculation of the First Series Euro Banknotes

By the end of August 2025, the first series euro banknotes represented 16% of the banknotes in circulation and only 2% of the banknotes returned to the national central banks of the Eurosystem, which demonstrates that although a considerable number of these banknotes remain in circulation, particularly of higher denominations, they do not circulate significantly.

In Portugal, the number of first series euro banknotes entering the central bank is also low. To encourage their return, the Banco de Portugal requests that entities operating professionally with cash cease the recirculation of all denominations of these banknotes, which should occur by 31 December 2026. The Banco de Portugal further communicates that, from 1 January 2026, it will cease to deliver first series banknotes in withdrawal operations carried out at its cash offices.

The ECB has informed banknote processing machine manufacturers about the end of recirculation of first series banknotes. The Banco de Portugal suggests that entities operating professionally with cash contact their equipment manufacturers to proceed with reconfiguring them, considering the eventual impact on operations, as well as the associated costs.

It is recalled that the legal tender status of the first series euro banknotes will be maintained and that all denominations must continue to be accepted in payments, as is the case with the Europa series banknotes. The first series banknotes will only cease to have legal tender on a date to be announced in advance, will not lose their value, and can be exchanged, for an unlimited period, at the national central banks of the euro area.