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listed below, will be withdrawn:
issued on 8 December 1978
issued on 2 September 1996
issued on 1 February 1983
issued on 1 July 1987
issued on 23 March 1984
|5,000-drachma banknote (redesigned)
issued on 1 June 1997
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.