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ECB withdraws fewer counterfeit euro notes

30 January 2017  |  2947 views  |  0 cash

There was a sharp drop in the number of counterfeit euro notes withdrawn from circulation last year, with only a tiny fraction pulled, says the European Central Bank.

Around 353,000 counterfeit notes were withdrawn in the second half of 2016, slightly up on the first half of the year but more than 20% down on H2 2015.

The number of counterfeits remains very low in comparison with the increasing number of genuine banknotes in circulation - over 19 billion during the second half of 2016.

The vast majority of fake notes are EUR20 and EUR50, accounting for 38% and 43%, respectively, while 94% of all counterfeits were found in euro area countries.

Despite the encouraging figures, the ECB is still planning on introducing a new EUR50 with updated security features in April.

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