A total of 571 counterfeit euro banknotes were withdrawn from circulation in Cyprus in 2024, marking an 11 per cent decrease compared to the previous year, according to the Central Bank of Cyprus (CBC).
Despite the low numbers, the CBC has urged the public to remain vigilant and carefully inspect banknotes during cash transactions.
The €50 note was the most commonly counterfeited denomination, accounting for 36.8 per cent of all fake banknotes detected.
Compared to the vast number of genuine euro banknotes in circulation, the volume of counterfeits remains very low, the CBC reassured.
However, it continues to advise citizens to use simple verification methods to ensure the authenticity of the notes they handle.
Counterfeit banknotes across Europe
The European Central Bank (ECB) reported that approximately 554,000 counterfeit euro banknotes were removed from circulation across the eurozone in 2024, reflecting an 18.6 per cent increase from 2023.
The €50 and €20 notes were the most frequently counterfeited, making up 79.6 per cent of all detected fakes.
The vast majority (97.8 per cent) of counterfeit banknotes were found within eurozone member states, while 1.3 per cent were detected in EU countries outside the eurozone, and 0.9 per cent in other parts of the world.
For more information on verifying euro banknotes, the CBC and ECB provide online resources with guidance on easy authentication methods.
