484 counterfeit banknotes found in six months

484 counterfeit euro banknotes were reported to the Central Bank of Malta in the first six months of this year, the smallest number since Malta adopted the euro.

"When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 22 million on average for the first half of 2011), the proportion of euro counterfeits remains insignificant.  It is also very low when compared to the number of counterfeits seized in the euro area in the same period, which  amounted to 295,553 pieces," the Central Bank said.

As in the euro area as a whole, the €20 and €50 continued to be the most counterfeited denominations found locally.  During the past six months, the share of the €20 counterfeit decreased whilst that of the €50 increased. These two most counterfeited denominations together accounted for 89% of the total during the first half of 2011. 

The Central Bank  advised the public to remain alert with regard to the banknotes received in cash transactions.  Genuine banknotes can be easily recognised using the simple “FEEL-LOOK-TILT” test as can be found on the Bank’s website: www.centralbankmalta.org/site/counterfeit.html.  In case of doubt, however, a suspect banknote should be compared directly with one that is known to be genuine.  Anyone who suspects that they may have received a counterfeit should contact either the police on 21224001 or the Central Bank of Malta on 2550 6008/6012 or email csu@centralbankmalta.org.