Counterfeit euros in Malta remains insignificant

In the first half of 2012, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 951.

Consequently the overall quantity of counterfeits withdrawn from circulation from January to June 2012 was 10.2% lower compared with the aggregate figure for the previous six months, albeit higher than the level reported in the same period of 2011.

As a proportion of the estimated number of euro banknotes in circulation in Malta (around 20.57 million on average for the first half of 2012), the number of euro counterfeits remains insignificant. It is also very low (0.38%) 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 July, amounted to 251,000 pieces.

Similar to developments in the euro area as a whole, the €20 and €50 continue to be the most counterfeited denominations found locally accounting for slightly over 90% of the total reported during the first half of 2012. During the past six months, the share of €20 counterfeits decreased from 73.2% to 36.1%, whilst that of the €50 increased from 21.8% to 54.4%.

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-look-tilt" test, which is described on the Bank's website.

Anyone who receives a counterfeit note or suspects that he/she is in possession of a counterfeit note should contact either the Police on 2122 4001 or the Central Bank of Malta on 2550 6008 / 6012 or email [email protected]