More than 230 counterfeit euro banknotes of various denominations were found and removed from circulation in Cyprus in the second half of 2019, down on the number found in the same period the previous year and representing a very small share of a total of 308,000 counterfeit euro banknotes withdrawn by the ECB.
In a statement on its website, the Central Bank of Cyprus said the European Central Bank had announced that 308,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2019, up from 262,000 in the correspoding period in 2018.
The €50 and €20 denominations exhibited the highest rates of counterfeiting, accounting for 36.5% and 34.2% of the total respectively.
In Cyprus, during the second half of 2019, 236 pieces of counterfeit euro banknotes of various denominations were identified and removed from circulation. This figure is lower than that of the second half of 2018 when 279 counterfeit notes were withdrawn. The €50 banknote had the highest rate of counterfeiting in Cyprus, accounting for 37.7% 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 euro banknotes,” it said.