Counterfeit banknotes in Cyprus soar
The Central Bank of Cyprus highlighted in a report that the 10-euro banknote is the most counterfeited bill, making up 40.8% of all counterfeit money circulating on the island.
According to a report, a total of 451 counterfeit euro banknotes of various denominations were discovered in circulation in 2022, a significant increase from the 211 detected in 2021. Credit institution cashiers were instrumental in identifying and withdrawing these counterfeit banknotes from circulation. It is worth noting that Cyprus has one of the lowest rates of counterfeit euro banknotes among eurozone countries.
The report also disclosed that a small number of counterfeit coins, specifically 91, were detected throughout the year, all of which were €2 coins. In 2022, the central bank processed approximately 135.3 million banknotes, subjecting them to thorough examination for authenticity and fitness for recirculation. Out of these, 29.6 million items (21.9%) were deemed unsuitable for reissue.
The central bank conducts regular inspections on banknote processing machines and carries out on-site checks at licensed credit institutions.
