The European Central Bank has announced that during 2020, about 460.000 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation representing a decrease of 17,7% when compared with 2019. €50 and €20 notes continued to be the most counterfeited banknotes, jointly accounting for about two thirds of the total. 94,5% of counterfeits were found in euro area countries, while 2,8% were found in non-euro area European Union member states and 2,7% in other parts of the world.
In Cyprus, during 2020, 260 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation. This figure is significantly lower than that of 2019, representing a decrease of 43,1%. The €50 banknote had the highest rate of counterfeiting in Cyprus, accounting for 35,8% 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 counterfeits, the Central Bank of Cyprus advises the public 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.