Thursday, April 18, 2024
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HomeWorldThe epidemic of fake notes reaches Europe: More than 5 million fake...

The epidemic of fake notes reaches Europe: More than 5 million fake euro notes are in circulation in Germany.

In Europe’s largest economy, people still use cash for about 60 percent of purchases, according to a recent study by the German central bank.

General Reporter

Germany: The epidemic of counterfeit notes reached Europe. Counterfeit euros began to circulate in the European country, and the number of counterfeit notes began to increase rapidly. Germany’s central bank has revealed that the number of counterfeit euro banknotes in the country has increased sharply compared to previous years. Germany’s Bundesbank says that retailers and banks have deposited about 56,600 counterfeit notes in 2023. The value of these counterfeit euros is estimated at more than 5 million. Compared to 2022, the circulation of these fake euros has increased by 28%. Most of them include 200 and 500 euro notes. Burkhard Balls, an official at the Bundesbank, says that the number of counterfeit notes has increased due to a few major fraud cases. Fake Euros were confiscated in 2011, but the number of notes seized is much higher. According to the Bundesbank’s estimate, there are an average of 7 counterfeit notes per 10,000 people in Germany. According to a recent study by the German central bank, In Europe’s largest economy, people still use cash for about 60 percent of purchases.

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