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1.7 Billion Euros Worth of Pesetas Still To Be Exchanged

Fri 4th Dec 2009

At the end of October the Bank of Spain reported that there were still over 1.7 billion pesetas in the country that have still not been exchanged over into euros.

This "Missing" sum is roughly the same as the euro zone debt for the month of August and would be enough to buy all the shares in many of the companies listed with the Spanish stock exchange, such as the OHL construction giant or the insurance company Catalana Occidente.

Back in January 2002 the Bank of Spain began to exchange Euros for any Pesetas presented to them at that time which was estimated then at 48.5 billion euros. Only a few months later the peseta was officially replaced with the Euros as the new currency of Spain.

Those still holding pesetas can no longer cash them in with their bank, but instead need to cash them in at the Bank Of Spain itself.