In the second half of 2014, a total of 507,000 counterfeit euro banknotes were withdrawn from circulation – 44 per cent up on the figure for the same period in 2013.

The number of counterfeits, however, remains very low in comparison with the increasing number of genuine banknotes in circulation – over 16 billion during the second half of 2014.

The €20 and €50 continued to be the most counterfeited banknotes, the European Central Bank reported. The proportion of counterfeit €20 notes increased and that of counterfeit €50 notes decreased. Together, they accounted for 86 per cent of the counterfeits.

Most (97.5 per cent) of the counterfeits were found in euro area countries. Only around two per cent were found in EU member states outside the euro area and less than 0.5 per cent were found in other parts of the world.

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