The European Central Bank has announced that during 2022, about 376.000 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation representing an increase of 8,4% as compared with 2021. This increase also reflects the recovery of economic activity in 2022 after most of the coronavirus (COVID-19) restrictions had been lifted. €50 and €20 notes continued to be the most counterfeited banknotes, jointly accounting for slightly below two thirds of the total. 96,6% of counterfeits were found in euro area countries, while 2,7% were found in non-euro area European Union member states and 0,7% in other parts of the world.
In Cyprus, during 2022, 451 pieces of counterfeit euro banknotes of various denominations were withdrawn from circulation. This figure is significantly higher than that of 2021, representing an increase of 113,7%. The €10 note had the highest rate of counterfeiting in Cyprus, accounting for 40,8% 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 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.