Counterfeit Bank Notes in Circulation Rose to Over 1,500 Last Year
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- 18 Mar 2025
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The Central Bank of Malta has reported a significant increase in the number of counterfeit banknotes found in circulation, with over 1,500 fake notes identified last year. This figure marks a “substantial increase” compared to previous years, although the bank emphasized that the number remains “insignificant” when juxtaposed with the total of 32 million genuine notes circulating in the country.
In a statement released on Tuesday, the Central Bank noted that while the rise in counterfeit notes is concerning, it is important to contextualize these figures. The proportion of counterfeit notes in Malta is minimal compared to the Eurozone, where approximately 554,000 counterfeit notes were discovered last year. The bank attributed the exceptionally low numbers of counterfeit notes in prior years to the COVID-19 pandemic, which led to a significant reduction in in-person transactions during lockdowns.
Breakdown of Counterfeit Denominations
The counterfeit €20 banknote emerged as the most commonly faked denomination in Malta, accounting for two-thirds (66%) of the counterfeit notes discovered. This trend contrasts with the broader Eurozone statistics, where €20 notes represented only a third (36%) of counterfeit notes, with €50 notes being the most popular at over two-fifths (44%).
In Malta, counterfeit €50 notes comprised around one-sixth (16%) of the total fake banknotes, while higher denominations such as €500 and €200 were rarely encountered. Additionally, just over one in eight counterfeit notes were worth €10, and only 2% were €5 notes. The Central Bank highlighted that middle denominations, particularly the €20 and €50 notes, continued to be the most counterfeited, together accounting for 82% of all counterfeits seized in circulation.
Public Awareness and Detection
Despite the relatively low figures of counterfeit notes, the Central Bank of Malta urged the public to remain vigilant. It noted that counterfeit notes are often easy to detect, as they typically lack security features or only have poor imitations of such features. To help the public identify genuine banknotes, the bank recommended the “feel-look-tilt” test. This involves checking the unique texture of the note, observing its visual features when tilted, and holding it up to the light to confirm its authenticity.
The Central Bank reiterated the importance of public awareness in combating counterfeiting and encouraged individuals to familiarize themselves with the security features of genuine banknotes to avoid falling victim to counterfeit currency.
While the increase in counterfeit banknotes in Malta is noteworthy, the overall numbers remain low compared to the vast quantity of genuine notes in circulation. The Central Bank of Malta continues to monitor the situation and emphasizes the importance of public vigilance in detecting counterfeit currency. By educating the public on how to identify genuine banknotes, the bank aims to mitigate the impact of counterfeiting on the economy and maintain trust in the currency system.
