Increase in number of counterfeit banknotes removed from circulation

The Central Bank of Malta has reported an increase in the number of counterfeit euro banknotes removed from circulation in 2024.

"Most counterfeits are easy to detect as they have no security features, or only very poor imitations of such features. Genuine banknotes can be easily recognised using the simple 'FEEL-LOOK-TILT' test, which is described on the bank's website," it said in a statement

The total number of counterfeit banknotes remains relatively low compared to the overall circulation of genuine euro banknotes in Malta.

In 2024, the average number of genuine banknotes in circulation was slightly above 32.4 million.

Despite the increase, the proportion of counterfeit banknotes in Malta is still low, accounting for only 0.28% of the total counterfeits seized in the euro area, which amounted to 554,000 pieces during the same period.

The Central Bank of Malta noted that middle denominations, particularly the €20 and €50 notes, were the most frequently counterfeited.

The €20 denomination saw an increase, while the share of the €50 denomination decreased. These denominations accounted for 82% of all counterfeits seized in circulation.

"Most counterfeits are easy to detect as they have no security features, or only very poor imitations of such features," the bank said, however advising the public to remain alert with regards to banknotes received in cash transactions.