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CBC: 260 counterfeit euros were circulated in Cyprus

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CBC: 260 counterfeit euros were circulated in Cyprus

In Cyprus, in 2020 260 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation, showing a decrease of 43.1% compared to 2019. The € 50 banknote showed the highest rate of counterfeiting, representing 35.8% of the total, according to by announcement of the Central Bank of Cyprus.

The European Central Bank has announced that during 2020 about 460,000 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation, showing a decrease of 17.7% compared to 2019.

Banknotes with denominations of € 50 and € 20 still have the highest counterfeiting rates, accounting for about two-thirds of the total. 94.5% of counterfeit banknotes were found in euro area Member States, 2.8% were located in European Union Member States outside the euro area and 2.7% in other countries of the world.

Compared to the number of genuine euro banknotes in circulation, the amount of counterfeit remains very small.

Despite the very small amount of counterfeits, the Central Bank of Cyprus advises citizens to carefully check the banknotes they receive during their cash transactions. The website of the Central Bank of Cyprus and the European Central Bank contains information on simple checks to verify the authenticity of euro banknotes.

Source: www.philenews.com

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