ECB finds nearly 300,000 counterfeit euro banknotes

The European Central Bank (ECB) said on Friday that 293,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2005.

"This figure is very similar to that for the second half of last year, when around 287,000 counterfeits were recovered, but lower than the 307,000 recovered during the first half of 2004," the bank said.

"These figures should, however, be seen in the context of the number of genuine banknotes in circulation (around 9 billion)," the bank added in its press release.

The 50 euro bill has always been the denomination most favored by counterfeiters: this trend intensified in the first half of 2005,with the banknotes now accounting for 62 percent of all counterfeits.

Majority of counterfeits in circulation or 97 percent were found in the euro area. A further two percent came from other EU member states, and the remaining one percent came from the rest of the world.

The Eurosystem, including the ECB and the 12 national central banks of the euro area, cooperates very closely with Europol, Interpol, the European Commission and national police forces in combating counterfeiting.

Source: Xinhua