Ιn the first of a series of update to the euro currency notes, a new five euro banknote comes into circulation in Eurozone on Thursday, May 2, Euronews reported.

Part of the reason for the new note is to introduce stronger security measures against counterfeit bank notes and also partly to update the designs. A similar exercise is being undertaken in the UK, with a new five pound note being issued with an image of World War two leader Winston Churchill on the new note.

Counterfeiting has always been a problem, but with much greater security, it is hoped the level of fake notes can be reduced.

Old five euro notes will remain legal tender for some time to come and the two notes will be in circulation together. Although the old banknotes will be gradually withdrawn they will retain their monetary value indefinitely and once out of circulation anyone holding the notes will be able to exchange them at national central banks.

Other denomination banknotes will be introduced gradually over a number of years, replacing the older notes and incorporating the new security features mentioned above.