World Economy

Bundesbank Reports Decline in Counterfeit Euro Bills

The fake money found had a nominal value of $4.5 million.The fake money found had a nominal value of $4.5 million.

The recent introduction of new security features in some euro banknotes has led to a significant drop in the number of counterfeit bills. But there’s more work to be done, the German central bank says.

For the whole of 2016, the German central bank registered 82,200 counterfeit euro banknotes in Germany. In a fresh report, it said that the fake money found had a nominal value of €4.2 million ($4.5 million), marking a 14% decrease year on year, DW reported.

“The introduction of the “Europa” series of banknotes has had a positive effect on the number of counterfeits, leading to a significant decline in fake €20 banknotes,” said Bundesbank executive board member Carl-Ludwig Thiele.

He added that since the new €20 bill was brought into circulation, the number of counterfeits had almost halved. “The next milestone will be the issuance of the improved €50 note on April 4,” Thiele said.

The €50 bill was the most frequently counterfeited bill in 2016, accounting for over 60% of the total volume of fake money.

The European Central Bank said that in the six months to the end of December, around 353,000 counterfeit euro banknotes were taken out of circulation, a slight increase on the figure for the first half of the year, but a more than 20% decrease on the number removed in the same period of 2015. 

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