In the first half of 2016, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 2,371 pieces, practically equivalent to the amount found in the first half of 2015. However the overall quantity of counterfeits withdrawn from circulation was 7.7% lower than the aggregate figure withdrawn in the previous six months (July to December 2015).

When compared with the average number of genuine euro banknotes in circulation in Malta (slightly above 11.55 million in the first half of 2016), the proportion of euro counterfeits remains insignificant. It is also low (0.72%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period which, according to the European Central Bank’s press release issued on Friday 22 July, amounted to 331,000 pieces.

Of all the fake euro banknotes seized in Malta over the first half of the year, the €10 denomination continues to be the most counterfeited denomination accounting for 69% of all seized counterfeits. During this period, the share of the €20 and €50 continued to decrease and now jointly account for 29% of all pieces seized in circulation.

The table below provides a percentage breakdown by denomination, of the total number of counterfeits withdrawn from circulation in the first half of 2016 compared to those withdrawn in the euro area as a whole.

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: https://www.centralbankmalta.org/euro-banknotes-counterfeit-notes. The Bank is available to provide any support, including training to any local entities which may require such assistance.