Fake money rises 113% in Cyprus
In 2022, 451 counterfeit euro banknotes were removed from circulation in Cyprus, an increase of 113.7% over the previous year.
At the same time, according to European Central Bank data, approximately 376,000 counterfeit euro banknotes of various denominations were withdrawn in 2022, representing an 8.4% increase over 2021.
According to a Central Bank of Cyprus statement, this was partly due to the recovery of economic activity in 2022 following the lifting of most of the Covid-19 restrictive measures.
Banknotes with denominations of €50 and €20 continue to have the highest counterfeiting rates, accounting for slightly less than two-thirds of the total. According to ECB data, the €50 banknote accounted for 40% of all counterfeit banknotes, while the €20 banknote was second with 23.6%.
The Central Bank of Cyprus said the €10 banknote had the highest counterfeiting rate in Cyprus, accounting for 40.8% of the total.
“The number of counterfeit euro banknotes in circulation remains very small when compared to the number of genuine euro banknotes in circulation,” the Central Bank of Cyprus noted.
kathimerini
