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Counterfeit euro notes rise 17pc

13.07.2009

The number of counterfeit euro banknotes discovered and removed from circulation during the first half of 2009 was up 17pc on the previous six months, according to new data released today by the European Central Bank (ECB).

A record total of 413,000 counterfeit euro banknotes were withdrawn from circulation during the the first six months of the year. This was compared to the 354,000 notes removed from circulation during the last six months of 2008.

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However, despite the increase in counterfeits, no new counterfeit classes were uncovered in 2009, the ECB said, with the 17pc increase resulting entirely from a wider distribution of existing counterfeit classes.

The ECB also stressed that the scale of the euro counterfeiting should be put in context, with some 12.5 billion genuine euro banknotes in circulation, on average, in the first half of 2009.

The €20 note was the most counterfeited banknote in the first half of 2009, the ECB said, accounting for almost half of all counterfeits found.

The three mid-range denominations (€20, €50 and €100) together accounted for more than 95pc of all counterfeits.

The likelihood of encountering a counterfeit euro banknote is substantially higher in the euro area. The majority (over 98pc) of counterfeits recovered in the first half of 2009 were found in euro area countries, with only around 1pc found in member states outside the euro area, and less than 0.5pc being found in other parts of the world.

According to the ECB, genuine banknotes are easily recognised using the ‘FEEL-LOOK-TILT’ test described its website.

Courtesy of www.businessandleadership.com

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