14/01/2014

Bi-annual information on euro banknote counterfeiting in Malta

In the second half of 2013, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 874, practically equivalent to the amount found in the first half of that year. This brought the total number of counterfeits withdrawn from circulation for the whole of 2013 to 1,751, a 5.2% increase on the previous year's level of 1,664 counterfeits.

Table 1 below depicts the half-yearly and the annual figures of counterfeit notes recovered locally since the adoption of the Euro in 2008. The 2013 figure for counterfeits was 27.7% lower than the 2010 peak level.

Table 1

	2008		2009		2010		2011		2012		2013
	H1	H2	H1	H2	H1	H2	H1	H2	H1	H2	H1	H2
Number of Counterfeits	642	903	798	520	760	1,663	484	1,059	951	713	877	874
	1,545		1,318		2,423		1,543		1,664		1,751

When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 15.5 million on average for the second half of 2013), the proportion of euro counterfeits remains insignificant. It is also very low when compared to the number of counterfeits seized in the euro area in the same period, which according to the ECB's press release issued on Monday 13 January, amounted to 353,000 pieces.

In line with developments in the euro area as a whole, the middle denominations (€20, €50 and €100) continued to be the most counterfeited denominations found locally, amounting to 95.4% of all counterfeits.

This pattern can be seen in Table 2 below which provides a percentage breakdown, by denomination, of the total number of counterfeits withdrawn from local circulation in the second half of 2013 compared to the Euro area.

Table 2

		€5	€10	€20	€50	€100	€200	€500
Percentage Breakdown	Euro Area	0.5	6.0	43.0	35.0	13.0	1.5	1.0
	Malta	0.2	2.9	51.0	16.1	28.3	1.4	0.1

Notwithstanding these 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 as can be found on the Bank's website.

However, in case of doubt, a suspect banknote should be compared directly with one that is known to be genuine. Anyone who suspects that they may have received a counterfeit should contact either the Police on 21224001 or the Central Bank of Malta on 2550 6012/13 or email.

 

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