The European Central Bank has announced that during the first half of 2018, 301.000 counterfeit euro banknotes of various denominations were withdrawn from circulation. During the corresponding period of 2017, 331.000 counterfeit banknotes were withdrawn from circulation. The €50 and €20 denominations exhibited the highest rates of counterfeiting, accounting for 59,3% and 23,8% of the total, respectively.
In Cyprus, during the first half of 2018, 157 pieces of counterfeit euro banknotes of various denominations were identified and removed from circulation. This figure is at the same level as at the first half of 2017. The €50 banknote had the highest rate of counterfeiting in Cyprus, accounting for 33,1% of the total.
In comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains 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 banknotes.