demonetizeverb [ T ]
UK also demonetise uk/ˌdiːˈmɒnətaɪz/usECONOMICS, FINANCE to officially stop using particular notes or coins, or a particular currency:
In 2002 the currencies of twelve European countries were demonetized and replaced with the Euro.
demonetization
noun [ U ] UK also demonetisation
This is a reminder about the imminent demonetization of the RM1000 currency notes.