Banknotes with denominations of €50 and €20 still show the highest counterfeiting rates
File photo.
Counterfeit euro banknotes withdrawn from circulation in Cyprus reached 451 in 2022, showing an increase of 113.7% compared to the previous year.
At the same time, according to data from the European Central Bank in 2022 a total of around 376,000 counterfeit euro banknotes of various denominations were withdrawn, representing an increase of 8.4% compared to 2021.
This is partly due to the recovery of economic activity in 2022 after the lifting of most restrictive measures due to COVID-19, according to a statement from the CBC.
Banknotes with denominations of €50 and €20 continue to show the highest counterfeiting rates, accounting in total for just under two-thirds of the total. In particular, according to ECB data, the €50 banknote had a share of 40% of all counterfeit banknotes, while the €20 banknote was second with 23.6%.
In Cyprus the banknote with a nominal value of €10 presented the highest counterfeit rate, representing 40.8% of the total, according to the CBC.
“Compared to the number of genuine euro banknotes in circulation, the amount of counterfeits remains very small”, notes the CBC.
Furthermore, 96.6% of counterfeit banknotes were detected in eurozone member states, 2.7% in non-eurozone European Union member states and 0.7 % in other parts of the world.
“Despite the very small amount of counterfeits, the Central Bank of Cyprus advises citizens to be careful and check in detail the banknotes they receive during their cash transactions,” it says the CBC.
It is finally noted that both in website of the Central Bank of Cyprus and the European Central Bank there is information about simple ways to check the authenticity of euro banknotes.
