A total of 451 counterfeit euro banknotes were withdrawn from circulation in 2022 in Cyprus, European Central Bank data show.
According to the data, this is an increase of 113.7% compared with 2021.
In the whole of the EU, a total of 376,000 counterfeit euro banknotes were withdrawn from circulation, an increase of 8.4% compared with 2021.
According to the Central Bank of Cyprus (CBC), the €10 note had the highest rate of counterfeiting in Cyprus, accounting for 40.8% of the total.
The CBC said that although the amount of counterfeit euro banknotes in 2022 was “significantly higher” than the previous year, it notes that “in comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains very low.”
The CBC advises the public to be careful and to scrutinise banknotes in cash transactions, recalling that both the CBC and the European Central Bank websites provide information on simple ways to check the genuineness of euro banknotes.