In 2023, 1,248 counterfeit banknotes were found in Latvia; the number of fakes increased by 40.4% last year

In Latvia, the number of euro counterfeits increased by 40.4% last year compared to 2022, informs Aleksandrs Antiņš, head of the Cash Technology Department of the Money Circulation Department of the Bank of Latvia.

In 2023, 1,248 counterfeit banknotes were found in circulation in Latvia, including 655 counterfeit banknotes and 593 counterfeit coins. On the other hand, in 2022, 889 counterfeit banknotes were found in circulation, including 433 counterfeit banknotes and 456 counterfeit coins.

The most common in Latvia are counterfeits of two-euro coins – 43.6% of the total number of counterfeits, followed by counterfeits of 50-euro banknotes – 18% and counterfeits of 20-euro banknotes – 17%.

Evaluating the quality of counterfeits, the Bank of Latvia has concluded that low-quality products predominate.

Antiņš explains that, despite the increase in the number of counterfeits, which can be explained, among other things, by the increase in the number of banknotes in circulation, including in the eurozone by about 5% in total, Latvia is still among the eurozone member states with the best situation with money security.

The survey conducted by “Latvijas Faktu” in February 2024 shows that 61% of respondents consider the euro to be a safe and easily counterfeited currency, while 13% had the opposite opinion. On the other hand, a year earlier – in February 2023 – 45% of respondents considered the euro a safe money, while 29% had the opposite opinion.

Antiņš informs that the latest Eurozone statistics on the number of euro counterfeits in 2023 show that the number of euro counterfeits remains at a low level – 16 counterfeit banknotes per one million genuine banknotes in circulation.

This is a slight increase compared to 2022 (13 counterfeit banknotes per one million genuine banknotes in circulation) and 2021 (12 counterfeit banknotes per one million genuine banknotes). Although the number of counterfeits remains low, the increase shows that the Eurosystem cannot “rest on its laurels” and preparations must be made to introduce the next, third series, banknotes in the foreseeable future, thus making life even more difficult for counterfeiters, according to the Bank of Latvia.

Also, the Bank of Latvia mentions that such preparations were started in 2023 – the ECB Council, listening to the opinion of the eurozone residents, named the possible themes of future banknotes – “European culture” and “Rivers and birds”. In 2026, the final design solutions will be chosen and a decision will be made when the new banknotes will be produced and issued.

In total, approximately 467,000 counterfeit euro banknotes were removed from circulation in the eurozone in 2023 (in 2022 – approximately 376,000 counterfeit euro banknotes), of which more than 70% were 20 and 50 euro banknotes. Of the identified counterfeits, 97.2% were detected in the eurozone member states, 1.9% – in other European Union countries, and 0.9% – elsewhere in the world.