Decline in seizure of fake banknotes

The number of counterfeit euro banknotes in circulation fell by 13 per cent in the first half of 2010.

According to new figures released by the European Central Bank (ECB), 387,000 counterfeit notes were withdrawn from circulation during the first six months of the year, compared to 447,000 for the final half of 2009.

For the first six months of 2009 there were 413,000 counterfeit notes uncovered.

With as many as €13.2 billion genuine bank notes in circulation in the euro zone, the proportion of counterfeits remains low, the ECB said.

The €20 and €50 denominations continue to be the most counterfeited euro note, accounting for 85 per cent of all fake bank notes.

The €100 banknote is the third most counterfeited denomination at 12 per cent of the total. The share of other denominations remains very low.

Not surprisingly, more than 98 per cent of counterfeit notes recovered during the first six months of 2010 were found in euro zone countries.