The cash changeover outside the euro area started as early as 1 December 2001, in order to facilitate the conversion to the euro of legacy currency banknotes held by non-euro area residents from 1 January onwards. Non-euro area central banks and international banks abroad received euro banknotes to enable them to meet the initial cash needs of the public and business.
Banknotes worth almost EUR 5 billion were shipped outside the euro area in December 2001, more than half of them destined for eastern and central Europe, and Turkey. Since January, banks have  2  BIS Review 54/2002  continued to ship euro banknotes outside the euro area in order to replace legacy currency banknotes and to meet new demand.