More than 3,000 counterfeit banknotes removed from circulation in 2016 – Central Bank

In the second half of 2016, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 639 pieces. This brought the total number of counterfeits withdrawn from circulation for the whole of 2016 to 3,010 pieces, which is a 38.9% decrease when compared to the figures of the previous year, the Central Bank of Malta said in a statement yesterday.

“When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 9.7 million on average for the second half of 2016), the proportion of euro counterfeits remains insignificant. It is also low (0.18%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 353,000 pieces.

Of all the fake euro banknotes seized in Malta over the second half of the year, the €10 continued to be the most counterfeited denomination with 36.9% of all counterfeits seized. During this period, the share of the €50 increased while that of the €20 denomination continued to decrease.

The table provides a percentage breakdown by denomination, of the total number of counterfeits withdrawn from circulation in the second half of 2016 compared to those withdrawn in the euro area as a whole.

The bank said the new €50 banknote, with its innovative security features, will be launched on 4 April. Banknote equipment manufacturers will continue to receive support from the Eurosystem in adapting their machines and authentication devices to the new banknote. If their equipment is still unable to accept this banknote, operators/owners should contact their suppliers or manufacturers without delay.

“Notwithstanding the low figures of counterfeits reported locally, the Central Bank of Malta continues 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-LookTilt” test, which is described on the bank’s website: www.centralbankmalta.org/euro-banknotescounterfeit-notes. The bank is available to provide any support, including training to any local entities which may require such assistance.”

Anyone who receives a suspect note should contact either the police on Tel. No. 2294-2120 or the Central Bank of Malta on Tel. No. 2550-6012/3 or on the bank’s e-mail address at nccmt@centralbankmalta.org.