In 2023, 642 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation, showing an increase of 42.4% compared to 2022.
According to an information bulletin from the Central Bank of Cyprus regarding counterfeit euro banknotes, the €20 banknote had the highest counterfeit rate, representing 41.7% of the total.
“In comparison to the number of genuine euro banknotes in circulation, the quantity of counterfeits remains very small,” it adds.
Despite the very small quantity of counterfeit euro banknotes, the Central Bank of Cyprus advises citizens to be vigilant and carefully inspect banknotes they receive during their transactions in cash.
At the European level, the European Central Bank has announced that approximately 467,000 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation during 2023, showing an increase of 24.2% compared to 2022, as the number of fake banknotes was exceptionally low after the COVID-19 pandemic.
Banknotes with nominal values of €50 and €20 continue to have the highest counterfeit rates, representing 72.4% of the total, it is added.
97.2% of the counterfeit banknotes were detected in eurozone member states, 1.9% in European Union member states outside the eurozone, and 0.9% in other parts of the world.
Information on simple ways to verify the authenticity of euro banknotes is available on the websites of the Central Bank of Cyprus and the European Central Bank, concludes the announcement of the CBC.