There was a 13.3 per cent increase in the number of counterfeit euro banknotes reported to the Central Bank of Malta (CBM)  in the second half of last year.

The CBM said that, at 990 notes, the overall quantity of counterfeits withdrawn from circulation was 116 notes more than the aggregate figure withdrawn in the first half of the year but significantly less than the record experienced in the second half of 2010.

The total of counterfeits withdrawn from circulation for the whole of 2014 - 1,497 notes was, however, 14.5 per cent lower than the previous year.

  2008 2009 2010 2011 2012 2013 2014
  H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
Number of Counterfeits 642 903 798 520 760 1663 484 1059 951 713 877 874 507 990
  1,545 1,318 2,423 1,543 1,664 1,751 1,497

The bank said that when compared with the number of genuine euro banknotes in circulation in Malta (slightly above 12.62 million for the second half of 2014), the proportion of euro counterfeits remained insignificant.

It was also very low (0.2 per cent) as a proportion of the total number of counterfeits (507,000) seized in the euro area as a whole over the same period.

Of all the fake euro banknotes seized in Malta over the second half of the year, the €20 denomination continued to be the most counterfeited note (59.4 per cent of all counterfeits seized), practically the same percentage recorded in the previous six months.

During this period, the share of the €50 and €100 denomination continued to fall. Meanwhile, a substantial increase was noted in the €10 denomination, amounting to 14.7 per cent compared to the previous share of 2.4 per cent, possibly the result of counterfeits being disposed of prior to the launch of the second series of the €10 note.

    €5 €10 €20 €50 €100 €200 €500
Percentage Breakdown Euro Area 1.0 3.0 60.0 26.0 8.0 1.5 0.5
  Malta 1.4 14.7 59.4 8.3 15.8 0.4 0.0

The CBM said that notwithstanding the low figures of counterfeits reported locally, it continued to advise the public to remain alert with regard to the banknotes received in cash transactions.

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

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