Drop in counterfeit euro notes reports

In the second half of 2011, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 1,059.

This brought the total of counterfeits withdrawn from circulation for the whole of 2011 to 1,543, or 36.3% less than the 2010 level.

But the latest six-monthly figure was higher than the amount reported during the previous six months, but lower than that reported in the same six month period of the previous year.

When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 21 million on average for the second half of 2011), the proportion of euro counterfeits remains insignificant. It is also very low when compared to the number of counterfeits seized in the euro area in the same period, which according to the European Central Bank's press release issued on Monday 16 January, amounted to 310,000 pieces.

Similar to developments in the euro area as a whole, the €20 and €50 continue to be the most counterfeited denominations found locally. During the past six months, the share of the €20 counterfeit increased whilst that of the €50 decreased when compared to the previous six months. These two denominations together accounted for 95% of the total counterfeits during the second half of 2011. Table 2 depicts the local counterfeit situation compared to the euro area, by denomination.

Notwithstanding these low figures of counterfeits reported, 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-LOOK-TILT" test as can be found on the Bank's website: www.centralbankmalta.org/site/counterfeit.html.

In case of doubt, a suspect banknote should be compared directly with one that is known to be genuine. Anyone who suspects that they may have received a counterfeit should contact either the police on 21224001 or the Central Bank of Malta on 2550 6008/ 6012 or email [email protected].