The European Central Bank has announced that during 2024, about 554.000 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation representing an increase of 18,6% as compared with 2023. €50 and €20 notes continued to be the most counterfeited banknotes, jointly accounting for 79,6% of the total. 97,8% of counterfeits were found in euro area countries, while 1,3% were found in non-euro area European Union member states and 0,9% in other parts of the world.
In Cyprus, during 2024, 571 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation. This figure is lower than that of 2023, representing a decrease of 11%. The €50 note had the highest rate of counterfeiting in Cyprus, accounting for 36,8% of the total.
In comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains very low.Notwithstanding the very small number of euro banknotes counterfeits, the Central Bank of Cyprus advises the public to be careful and to scrutinise banknotes when transacting in cash. The Central Bank of Cyprus and the European Central Bank websites provide information on simple ways to check the genuineness of euro banknotes.