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Counterfeited banknotes in Cyprus

More than 450,000 fake euro notes of different denominations were withdrawn from circulation during the first half of 2015 by the European Central Bank. Of these, more than 250 thousand identified in Cyprus.

“In the corresponding period of 2014 the ECB had removed 331,000 counterfeit banknotes. The banknotes of €20 and €50 experienced the highest rates of counterfeiting, representing 54.7 per cent and 31.3 per cent of the total respectively,” the Central Bank of Cyprus announced.

The most frequently counterfeited denomination is 20 Euro banknote (more than 50% of the total).