An 18-year-old man has been arrested on suspicion of possessing and circulating counterfeit banknotes, police said on Tuesday.

Officers in the Famagusta district acted on a tip-off concerning two €50 notes bearing the same serial number, which they retrieved from an employee of a local business.

Police later identified an 18-year-old suspect and found two additional €50 notes bearing the same serial number in his possession.

A search of his hotel room uncovered a further 19 €50 notes with the same serial number.

All 23 banknotes were seized as evidence.

The suspect appeared before Famagusta district court in Paralimni later on Tuesday, which issued a three-day remand order, while police investigations are ongoing.