Counterfeit banknotes down in 2024

08:47 - 24 February 2025

Economy

In 2024, 571 counterfeit euro banknotes of various denominations were withdrawn from circulation in Cyprus, which was 11% less than the year before.

Releasing stats, the Central Bank of Cyprus said that the €50 note had the highest rate of counterfeiting in Cyprus, accounting for 36.8% of the total.

In comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains very low, it added.

"Notwithstanding the very small number of euro banknotes counterfeits, the Central Bank of Cyprus advises the public to be careful and to scrutinise banknotes when transacting in cash," it says.

According to the European Central Bank, around 554,000 counterfeit euro banknotes of various denominations were withdrawn from circulation in 2024, up 18.6% compared with the year before. The €50 and €20 notes continued to be the most counterfeited, jointly accounting for 79.6% of the total. Meanwhile, 97.8% of counterfeits were found in euro area countries, while 1.3% were found in non-EU member states and 0.9% in other parts of the world.

The Central Bank of Cyprus and the European Central Bank websites provide information on simple ways to check the genuineness of euro banknotes.

Counterfeit banknotes down in 2024

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