Central Bank removes 422 counterfeit euro banknotes during 2017

At 422 pieces, the overall quantity of counterfeits withdrawn from circulation was 34% lower than the aggregate figure of 2016

matthew_vella
Matthew Vella
2 August 2017, 10:11am
The Central Bank of Malta has reported a notable decrease in the number of counterfeit euro banknotes during 2017.

At 422 pieces, the overall quantity of counterfeits withdrawn from circulation was 34% lower than the aggregate figure withdrawn betweenJuly to December 2016, and also lower than that reported between January to June 2016).

When compared with the number of genuine euro banknotes in circulation in Malta, slightly above 10.39 million on average for the first half of 2017, the proportion of euro counterfeits remains insignificant. It is also low (0.13%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 331,000 pieces.

Of all the counterfeit euro banknotes seized in Malta over the first half of the year, the largest number continued to be those of the middle denominations, the €20 and €50 amounting to 73.5% of all counterfeits. During this period, the share of the €20 and €50 denominations increased, whilst that of the €10 denomination decreased from 36.9% in the previous half year to 17.3% during this period.

Notwithstanding the low figures of counterfeits reported, the Central Bank of Malta advised the public to remain alert with regard to the banknotes received in cash transactions.

Genuine banknotes can be easily recognised using the simple "FEEL-LOOK-TILT" test, which is described on the Bank's website.

matthew_vella
Matthew Vella is executive editor at MaltaToday.