In 2023, the number of counterfeit euros increased in Cyprus

In 2023, more counterfeit banknotes were withdrawn from circulation in Cyprus compared to the previous year. However, the total number of counterfeit money seized in the country remains small.

According to the annual bulletin of the Central Bank of Cyprus (CBC) on euro banknote counterfeiting, 642 counterfeit euro banknotes were withdrawn from circulation in the country in 2023. This is 42.4% higher than in 2022.

Among the seized counterfeit banknotes, the majority were 20 euro bills, accounting for 41.7% of the total number.

"Compared to the number of genuine euro banknotes in circulation, the number of counterfeits remains very small," the regulator's statement said.

However, the CBC advised the public to be cautious and carefully inspect the banknotes they receive during cash transactions.

It is also reported that at the European level, the European Central Bank announced that approximately 467,000 counterfeit euro banknotes of various denominations were withdrawn from circulation in 2023, which is 24.2% higher than in 2022 when the number of counterfeit banknotes was extremely low after the Covid-19 pandemic.

Counterfeiters favor 50 and 20 euro bills the most.

The majority of counterfeit euros (97.2%) were discovered in eurozone member states, 1.9% in EU member states not in the eurozone, and 0.9% in other parts of the world.