Filenews 26 June 2023
The €10 note was the most frequently counterfeited of the money circulating in Cyprus, representing 40.8% of the total in number of pieces.
The Central Bank's 2022 annual report notes that 451 counterfeit euro banknotes of various denominations were found in circulation, compared with 211 items in 2021. Most counterfeit banknotes, which were withdrawn from circulation, were found by cashiers of credit institutions. The number of counterfeit euro banknotes found in Cyprus is very low, one of the lowest among the euro area countries.
Finally, as far as coins are concerned, a small number of counterfeit coins (91 coins) were identified during the year, all of which concerned the value of €2. The Central Bank reports that in the year under review (2022), approximately 135.3 million were processed (i.e. measured, checked for authenticity and quality appropriateness before re-launching). euro banknote pieces, of which 21.9% (29.6 million pieces) were deemed unfit for reissue.
The checks of the machines used for the processing of banknotes, as well as the on-the-spot checks of authorised credit institutions, to determine whether the provisions of the 2014 euro banknote authenticity and fitness checks and their recirculation Directive of 2022 carried out by the CBC were carried out throughout and covered all districts.
As regards the banknote handling machines used by the CBC, their replacement with machines purchased through an international tender by EPCO was completed in 2022.
During 2022, around 6.7 million euro coins were processed, of which 0.14% (9,231 coins) were deemed unfit for reissue. It should also be noted that during the reporting period, the Central Bank also carried out a number of on-the-spot checks on credit institutions to determine whether the provisions of Regulation (EU) 1210/2010 on the authentication and handling of unfit euro coins, which in the previous two years had been carried out to a limited extent due to the restrictive measures against the Covid-19 pandemic, were complied with.
The Central Bank is responsible for issuing currency (banknotes and coins). In particular, the issue of banknotes is the responsibility of the CBC, which undertakes the printing of the corresponding quantity of banknotes, following an allocation by the ECB to each Eurosystem central bank, following a specific procedure. As far as the issuance of coins is concerned, this is the responsibility of the Government, which, however, has appointed the CBC as its representative for all matters relating to the issuance of euro coins in the Republic since 2016 with the signing of a relevant Memorandum between the two parties. Therefore, the CBC also makes coins, as well as withdraws and destroys banknotes and coins that are not suitable for recirculation. The total value of euro banknotes issued by the Eurosystem as of 31 December 2022 amounted to €1,572 billion, an annual increase of 1.8%.
