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19/12/2001 - Announcements

The Bank of Greece hereby announces that the euro banknotes will be put into circulation on 1 January 2002 and that from that date all drachma banknotes, as listed below, will be withdrawn:

100-drachma banknote

issued on 8 December 1978

200-drachma banknote

issued on 2 September 1996

500-drachma banknote

issued on 1 February 1983

1,000-drachma banknote

issued on 1 July 1987

5,000-drachma banknote

issued on 23 March 1984

5,000-drachma banknote (redesigned)

issued on 1 June 1997

10,000-drachma banknote

issued on 16 January 1995

In accordance with Article 15 of the European Union Council Regulation (EC) 974/98 dated 3 May 1998 on the introduction of the euro and with Article 1 of Law 2948/Greek Government Gazette A/242/19 October 2001, the following timetable will apply:

  • Until 28 February 2002 inclusive, the drachma banknotes listed above will circulate alongside the euro banknotes, i.e. they will retain their status as legal tender.
  • As from 1 March 2002, the drachma banknotes listed above will cease to be legal tender and for a period of ten years, i.e. until 1 March 2012, will be exchangeable only for euro banknotes at the Bank of Greece (Head Office and Branches).
  • Once this ten-year period has elapsed, the above mentioned drachma banknotes will cease to be valid and will no longer give their holders any right to claim.




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