
The European Central Bank (ECB) has detected and withdrawn some 467,000 counterfeit euro banknotes from circulation in 2023, the bank stated in a press release on Monday, January 29. As the statement read, more than 70% of withdrawn counterfeits were €20 and €50 denominations.
It is one of the lowest levels ever in proportion to total banknotes in circulation, the statement said.
The ECB noted that the authenticity of euro banknotes can be verified using the “feel, look, and tilt” method. In 2023, just 16 counterfeits were detected per million genuine banknotes in circulation, which is one of the smallest proportions since the introduction of euro banknotes.
Although the proportion is very small, the actual number of counterfeits increased compared with 2022, when the number of counterfeits was exceptionally low following the coronavirus (COVID-19) pandemic. However, the number of counterfeits remained lower than in the years leading up to the pandemic.
€20 and €50 denominations continued to be the most counterfeited, together accounting for more than 70% of the total (see table below). 97.2% of the counterfeits were found in Eurozone countries, while 1.9% were found in non-euro area EU Member States and 0.9% in other parts of the world.
The use of counterfeit banknotes in any forms is a serious criminal offense and could lead to legal prosecution. As the ECB underlines, if a person suspects they own a fake banknote they should compare it to a verifiable genuine note and inform authorities immediately.
Source: tovima.com


Latest News

Istanbul Earthquake – Greek Prof. Concerned Major Quake Yet to Strike
Responding to concerns over whether a potential major quake in Istanbul could affect Greece, Papazachos was reassuring: “The fault extends as far as Lemnos and the Northern Sporades, but it doesn’t rupture all at once. An earthquake in Istanbul doesn’t have the capacity to directly affect Greek territory.”

Greece 4th Most Popular Summer Destination for Europeans
Southern Europe remains the top choice for Europeans at 41%, though down 8% from last year, likely due to rising temperatures and climate concerns.

Easter Sales Performance and the Source of €4–5 Million in Losses
Easter retail sales were relatively weak this year, with the only "real winners" being the livestock farmers who had lambs to sell.

Hotel Foreclosures Continue to Plague Greece’s Islands
A surge in hotel foreclosures across Greece’s islands threatens small tourism businesses, despite booming visitor numbers and record-breaking travel in 2024.

Athens Launches Task Force to Safeguard Historic City Center
The new municipal unit will ensure compliance to zoning laws, curb noise, and address tourist rental issues starting from the Plaka district.

WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year

IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock

First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region

Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)

Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.