Some 454,000 counterfeit euro banknotes of various denominations were withdrawn from circulation during the first half of 2015 by the European Central Bank (ECB), of which 263 were from Cyprus, according to an announcement on Friday.
“In the corresponding period of 2014 the ECB had removed 331,000 counterfeit banknotes. The banknotes of €20 and €50 experienced the highest rates of counterfeiting, representing 54.7 per cent and 31.3 per cent of the total respectively,” the Central Bank of Cyprus announced.
Compared with the number of genuine euro banknotes in circulation, the quantity remains very low in Cyprus though there was an increase in the second half of 2014, when the figure was 210.
The €20 banknote showed the highest rate of forgeries accounting for 50.2 percent of the total.Despite the very small amount, the Central Bank of Cyprus advises the public to carefully check banknotes received in cash transactions and notes that on its website and also on the website of the European Central bank “there is relevant information on simple checks to verify the authenticity of banknotes.”