Increase in counterfeit banknotes in Germany

German authorities recorded a sharp increase in the number of counterfeit cash in 2023; approximately 56,600 banknotes with a theoretical value of about 5.1 million euros were withdrawn from circulation.

According to a report by DW, the figures announced on Monday by the country's central bank, the Bundesbank, represent a 28% increase in the number of banknotes and a 90% increase in nominal value compared to 2022.

Bundesbank board member Burkhard Balz blamed the increase on "a few large fraud cases" that primarily involved 200-euro and 500-euro banknotes, which were ostensibly worth 217 dollars and 541 dollars, respectively.

However, he stated that the figures were "far from" the all-time high in 2015, when 95,400 counterfeit banknotes were seized, and that "the risk of ordinary citizens coming into contact with counterfeit money is low."

According to the Bundesbank's calculations, there were an average of seven counterfeit banknotes per 10,000 people in Germany in 2023.

News Source: 12punto