The overall quantity of counterfeit euro notes withdrawn from circulation in Malta (507) was 42 per cent lower than the aggregate figure withdrawn in the previous six months, the Central Bank said.

It said in a statement there was a notable fall in the number of counterfeit euro banknotes reported when compared to both the first and second halves of last year.

Half-yearly and annual data of counterfeit notes withdrawn from circulation in Malta since the adoption of the euro in 2008 are shown in the table below.

 

2008

2009

2010

2011

2012

2013

2014

 

H1

H2

H1

H2

H1

H2

H1

H2

H1

H2

H1

H2

H1

Number of Counterfeits

642

903

798

520

760

1,663

484

1,059

951

713

877

874

507

1,545

1,318

2,423

1,543

1,664

1,751

 

                             

When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 14.31 million on average for the first half of 2014), the proportion of euro counterfeits remained insignificant.

It was also very low (0.15 per cent) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period. According to the European Central Bank’s press release issued last month, these amounted to 331,000 pieces.

Of the counterfeit euro banknotes seized in Malta over the first half of the year, the largest number continued to be those of the middle denominations, that is, the €20, €50 and €100 denominations. These amounted to 96 per cent of all counterfeits.

During this period, the share of the €50 and €100 denomination in the total of counterfeits decreased, while that of the €20 denomination increased from 51 per cent in the previous half year to 60 per cent in the January – June 2014 period.

The table below provides a percentage breakdown by denomination of the total number of counterfeits withdrawn from circulation in the first half of 2014 compared to those withdrawn in the euro area as a whole.

 

 

 

€5

€10

€20

€50

€100

€200

€500

Percentage Breakdown

Euro Area

1.2

4.6

46.5

34.7

10.9

1.3

0.8

Malta

0.6

2.4

60.0

11.8

23.7

1.5

0.0

The Central Bank advised the public to remain alert with regard to the banknotes received in cash transactions.

Genuine banknotes, it said, could be easily recognised using the simple “feel-look-tilt” test, which is described on the bank’s website.

 

 

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