The Bank of Spain will produce millions of euro banknotes for the whole of Europe

by Lorraine Williamson

The European Central Bank (ECB) has ordered the Bank of Spain to produce €10 banknotes by 2024. These will be distributed to the rest of the EU countries during the year. 

There are a large number of them. According to the central bank of Spain, it concerns the production of 424.2 million tie-down notes. Converted into euros, this means an amount of €4,241.5 million, the ECB reported. He added that the Bank of Spain will also be responsible for the production of part of the €5 banknotes that will soon be put into circulation. 

Spain cooperates with Greece 

For the production of the €5 banknotes, the Bank of Spain will cooperate with the Bank of Greece. Together, they have been tasked with producing 313.8 million over the course of this year. 

A total of 538.4 million €50 banknotes will be produced within the euro area. In addition, 564 million €20 banknotes and 527 million €100 banknotes will be printed. Finally, 164 million €200 banknotes will be printed. The €500 banknotes will no longer be printed. This is the result of the ECB’s initiative to abolish these banknotes within a few years. 

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Bank of Spain produces 12% of new banknotes 

A total of 3,533 million banknotes are expected to be issued, with a combined value of €179,625 million, which is 11% more than in 2023, when a total of 3,141.7 million  were printed. “The Bank of Spain is responsible for providing 12% of the total need,” the ECB said. 

The Fábrica Nacional de Moneda y Timbre (FNMT), in Burgos, also plays an important role. It will be the factory for the manufacture of them all. Here they are responsible for issuing the paper money, made from pure cotton fibers. It can produce up to 3,500 tonnes of banknotes per year. 

Also read: Madrid wants to become the European money laundering capital

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