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363,000 counterfeit euro banknotes withdrawn.

Frankfurt am Main: In the second half of 2017, some 363,000 counterfeit euro banknotes were withdrawn from circulation.

It showed an increase of 9.7% when compared with the first half of 2017 and 2.8% more than in the second half of 2016. The likelihood of receiving a counterfeit is very slight. The number of counterfeits remains very low compared with the number of genuine banknotes in circulation, which has risen steadily, at rates above GDP growth, since they were introduced. In 2017, for instance, the number and value of euro banknotes in circulation grew by around 5.9% and 4.0% respectively. There are now well over 21 billion euro banknotes in circulation, with a total value of more than EU1.1 trillion.

In the first half of 2019, the Eurosystem plans to issue simultaneously the new EU100 and EU200 banknotes, the last two denominations of the Europa series. The Eurosystem will conduct a campaign to inform the public and professional cash handlers about the introduction of these new banknotes, which both carry some new security features. Banknote equipment manufacturers and other suppliers will continue to receive support from the Eurosystem in adapting their machines and authentication devices to the new banknotes.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Jan 30, 2018
Words:205
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