12/08/2014

Bi-annual information on euro banknote counterfeiting in Malta

There was a notable fall in the number of counterfeit euro banknotes reported to the Central Bank of Malta in the first half of 2014. At 507 pieces the overall quantity of counterfeits withdrawn from circulation was 42% lower than the aggregate figure withdrawn in the previous six months (July to December 2013). This figure was also lower than that reported in the same period of 2013 (January to June 2013).

Half-yearly and annual data of counterfeit notes withdrawn from circulation in Malta since the adoption of the euro in 2008 are shown in Table 1 below.

Table 1

	2008		2009		2010		2011		2012		2013			2014
	H1	H2	H1	H2	H1	H2	H1	H2	H1	H2	H1		H2	H1
Number of Counterfeits	642	903	798	520	760	1,663	484	1,059	951	713		877	874	507
	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 14.31 million on average for the first half of 2014), the proportion of euro counterfeits remains insignificant. It is also very low (0.15%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period. According to the European Central Bank's press release issued on Friday 18 July, these amounted to 331,000 pieces.

Of the counterfeit euro banknotes seized in Malta over the first half of the year, the largest number continued to be those of the middle denominations, that is, the €20, €50 and €100 denominations. These amounted to 96% of all counterfeits. During this period, the share of the €50 and €100 denomination in the total of counterfeits decreased, whilst that of the €20 denomination increased from 51% in the previous half year to 60% in the January - June 2014 period.

This pattern can be discerned in Table 2 below which provides a percentage breakdown by denomination of the total number of counterfeits withdrawn from circulation in the first half of 2014 compared to those withdrawn in the euro area as a whole. 

Table 2

		€5	€10	€20	€50	€100	€200	€500
Percentage Breakdown	Euro Area	1.2	4.6	46.5	34.7	10.9	1.3	0.8
	Malta	0.6	2.4	60.0	11.8	23.7	1.5	0.0

Notwithstanding the 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, which is described on the Bank's website. The Bank is available to provide any support, including training to any local entities which may require such assistance. 

Anyone who receives a counterfeit note or suspects that he/she is in possession of a counterfeit note should contact either the Police on 2122 4001 or the Central Bank of Malta on 2550 6012/13 or on the Bank's e-mail address.

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