713 counterfeit euro banknotes were reported to the Central Bank of Malta in the second half of last year,  25% lower than the 951 counterfeits found in the first half of the same year.

This brought the total of counterfeits withdrawn from circulation for the whole of 2012 to 1,664, a 7.8% increase on the previous year’s level, the Central Bank said.

Table 1

When compared with the estimated number of genuine euro banknotes in circulation in Malta (estimated at around 18.5 million for the second half of 2012), the proportion of euro counterfeits remained insignificant, the bank added.  It was also very low when compared to the number of counterfeits seized in the euro area in the same period, which according to the ECB’s press release issued on Thursday 10 January, amounted to 280,000 pieces.

Similar to developments in the euro area as a whole, the middle denominations (€20, €50 and €100) continued to be the most counterfeited denominations found locally, amounting to 95.7% of all counterfeits.

Table 2

The Central Bank said it continued to advise 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.