Israel to Consider Removing 200-Shekel Banknotes from Circulation

Prime Minister Benjamin Netanyahu ordered the Finance Ministry, the Bank of Israel, the Prime Minister’s Office, the Tax Authority and the Arab Crime Sector Crime Control Headquarters to consider removing the NIS 200 banknote from circulation.

The initiative was recently presented to the country’s economic leadership as part of proposals to combat organised crime and tax evasion.

According to the Bank of Israel, the largest denomination banknotes in the shekel line participate in money circulation significantly less than banknotes of all other denominations, and are used mainly for savings and for large cash transactions.