Recently, a decrease of counterfeit money has been observed across the entire euro area. The fact can be attributed to various factors, one of them being a slight decline in cash payments during the quarantine.
Euro banknote counterfeiting decreased by more than half over the year, reads the recent report of the Bank of Lithuania. In 2020, the Bank of Lithuania evaluated a total of 1,333 euro counterfeits (1,172 banknotes and 161 coins) – 57% less compared to 2019, when 3,078 counterfeits were detected.
“A decrease in counterfeit money is observed not only in Lithuania, but across the entire euro area as well. It can be attributed to various factors, one of them being a slight decline in cash payments during the quarantine,” said Ieva Vanskevičė, Cash Expert at the Bank of Lithuania.
As in 2019, €50 and €20 banknotes comprised the largest share of all counterfeits (46% and 18% respectively). The lowest share of the total were €5 and €200 banknotes.
“In the euro area, on average, 17 counterfeits are detected per 1 million genuine banknotes in circulation, while this number in Lithuania is even lower,” said Ieva Vanskevičė.
The Bank of Lithuania not only evaluates counterfeits, but also exchanges worn and damaged euro and litas banknotes or coins. Last year, nearly 44,000 damaged or worn banknotes and coins were exchanged at the Bank of Lithuania, the total value of which reached around €970,000. Experts have noticed that some of the banknotes exchanged by residents are torn, mouldy, decayed or burnt in furnaces and accidental fires.
People sometimes find hidden and forgotten money under the floor, in door stands or old furniture. In each case, regardless of the amount, every attempt is made to restore as much money as possible and reimburse its value.
