The Central Bank of Cyprus said that a total of 302 counterfeit euro banknotes of various denominations were withdrawn from circulation in Cyprus in the first six months of 2016, after being identified as such, compared with 263 in the respective period of 2015, and 414 from July to December last year.
The 50-euro banknote was the most common, comprising almost 55 per cent of all counterfeits identified, the supervisory authority said on its website on Friday.
While compared to the number of genuine banknotes in circulation the amount of those counterfeited remains small, the central bank “advises the public to scrutinise banknotes when transacting in cash,” it said.
Elsewhere, a total of 331,000 counterfeit banknotes were withdrawn from circulation, compared to 454,000 in the respective period last year, the Central Bank of Cyprus said citing the European Central Bank.
The 20-euro and the 50-euro denominations were the most common making up 32 per cent and 48 per cent of the total respectively, it added.