The Malta Independent 19 September 2019, Thursday

Increase in euro banknote counterfeiting in Malta

Thursday, 22 August 2019, 10:16 Last update: about 28 days ago

There was an increase in the number of counterfeit euro banknotes reported to the Central Bank of Malta in the first half of 2019.

At 844 pieces, the overall quantity of counterfeits withdrawn from circulation was higher than the aggregate in the previous six months (July to December 2018) and also higher than that reported in the same period of 2018 (January to June).

However, while the amount of counterfeits increased during this period, the overall seizures during 2017 and 2018 remain substantially below the amounts reported in the previous years.

When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 12.16 million on average for the first half of 2019), the proportion of euro counterfeits remains insignificant.

It is also low (0.33%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 251,000 pieces.

In line with developments in the euro area, the €20 and €50 notes continue to be the most counterfeited denominations found locally. These two denominations together accounted for 89% of all counterfeits during the first half of 2019. During this period, the share of the €10 denomination experienced a slight decrease.

The table below provides a percentage breakdown by denomination of the total number of counterfeits withdrawn from circulation in the first half of 2019 compared to those withdrawn in the euro area as a whole.

 

 

€5

€10

€20

€50

€100

€200

€500

Percentage Breakdown

Euro area

1.6

3.0

27.9

54.2

10.4

1.4

1.5

Malta

0.5

5.9

28.6

60.4

4.3

0.3

0.0

The bank would like to remind the public that new €100 and €200 banknotes, with enhanced security features, were issued on 28 May. Banknote equipment manufacturers will continue to receive support from the Eurosystem in adapting their machines and authentication devices to the new banknotes. If their equipment is still unable to accept these banknotes, operators/owners should immediately contact their suppliers or manufacturers.

Notwithstanding the low figures of counterfeits reported locally, the Central Bank of Malta continues to advise the public to remain alert with regard to 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.

Anyone who receives a suspect note should contact either the Police by calling on 2294 2120, the Central Bank of Malta on 2550 6012/13 or by sending an email on [email protected]


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