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31 Jan, 2024 05:32

Germany sees sharp rise in fake euros

Counterfeit notes worth over €5 million were discovered last year, according to the Bundesbank
Germany sees sharp rise in fake euros

The number of fake euro banknotes in circulation in Germany increased sharply last year compared to previous years, the country’s central bank revealed this week.

Police, retailers, and banks in Germany discovered almost 56,600 counterfeit notes in 2023 with a supposed value of over €5 million, which represents a 28% increase compared to 2022, according to the Bundesbank.

“The increase in the number of counterfeit notes is due to a few major cases of fraud, mainly involving counterfeit €200 ($217) and €500 ($541) banknotes,” explained Bundesbank board member Burkhard Balz.  

He noted, however, that the latest figures are “a far cry” from the all-time high recorded in 2015, when 95,400 fake euros were confiscated, and assured that the “risk for ordinary citizens of coming into contact with counterfeit money remains low.”

On average there are seven counterfeit banknotes circulating in Germany per 10,000 people, the Bundesbank estimates.

Cash is still used in the EU’s largest economy for nearly 60% of purchases, according to a recent study by the German central bank.

For more stories on economy & finance visit RT's business section

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