that are held for transaction purposes both in Germany and outside the euro area. The estimation of the volume of €20 … now, it was not clear how many of these German-issued euro banknotes are actually used for payment purposes. Owing to the … shipments by the Deutsche Bundesbank - held for transaction purposes outside the euro area was estimated at just over €3 billion …

To facilitate a more detailed study of the volume of euro banknotes in circulation issued by the Deutsche Bundesbank …, around 65% to 70% of the arithmetical volume of euro banknotes issued by the Bundesbank were in circulation outside Germany … at the end of 2015; of this figure, 40 to 50 percentage points were in circulation outside the euro area, and 20 to 30 …