Fake money rises 113% in Cyprus

In 2022, 451 counterfeit euro banknotes were removed from circulation in Cyprus, an increase of 113.7% over the previous year.

At the same time, according to European Central Bank data, approximately 376,000 counterfeit euro banknotes of various denominations were withdrawn in 2022, representing an 8.4% increase over 2021.

According to a Central Bank of Cyprus statement, this was partly due to the recovery of economic activity in 2022 following the lifting of most of the Covid-19 restrictive measures.

Banknotes with denominations of €50 and €20 continue to have the highest counterfeiting rates, accounting for slightly less than two-thirds of the total. According to ECB data, the €50 banknote accounted for 40% of all counterfeit banknotes, while the €20 banknote was second with 23.6%.

The Central Bank of Cyprus said the €10 banknote had the highest counterfeiting rate in Cyprus, accounting for 40.8% of the total.

“The number of counterfeit euro banknotes in circulation remains very small when compared to the number of genuine euro banknotes in circulation,” the Central Bank of Cyprus noted.