The Central Bank of Malta has said that in the first half of this year there was an increase in the number of counterfeit euro banknotes reported.

In a statement the Bank said that 844 counterfeit notes were withdrawn from circulation during this period, more than in July to December 2018 and also higher than in the first six months of last year.

“While the amount of counterfeits increased during this period, the overall seizures during 2017 and 2018 remain substantially below the amounts reported in the previous year,” the Bank said..

It explained that however, when compared with the number of genuine euro banknotes in circulation in Malta (slightly above 12.16 million on average for the first half of 2019), “the proportion of euro counterfeits remains insignificant.”

The Bank went on to say that t is also low (0.33%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 251,000 pieces.

It noted that in line with developments in the euro area, the €20 and €50 notes continue to be the most counterfeited denominations found locally.

These two denominations, together accounted for 89.0% of all counterfeits during the first half of 2019, said the Bank. It added that during this period, the share of the €10 denomination experienced a slight decrease.

The Bank went on to say that “notwithstanding the low figures of counterfeits reported locally, the Central Bank of Malta continues to advise the public to remain alert with regard to 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 said that anyone who receives a suspect note should contact either the Police by calling on 2294 2120, or the Central Bank of Malta on 2550 6012/13.

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