FRANKFURT: The number of counterfeit euro banknotes withdrawn from circulation decreased sharply in the first half of 2016, the European Central Bank said on Friday.
A total of 331,000 fake banknotes were removed from circulation in the period from January to June, a drop of 25 percent from the second half of 2015, and 27 percent fewer than in the first half of 2015, the Frankfurt-based institution said in its twice-yearly counterfeits survey.
"The number of counterfeits remains very low in comparison with the increasing number of genuine banknotes in circulation -- over 18.5 billion during the first half of 2016," the ECB said.
The 50-euro banknotes accounted for nearly half of the total number of forgeries at 48.2 percent, the ECB found.
They were followed by the 20-euro banknotes, which accounted for 31.6 percent and the 100-euro notes which made up 11.1 percent of the total.
The ECB is currently in the process of issuing new banknotes with enhanced security features to foil counterfeiters.
The five-euro, 10-euro and 20-euro bills have already been launched and the new 50-euro note came into circulation next April.
The ECB has come under fire over its decision to eliminate the 500-euro note despite fears that the violet-coloured bills were favoured by criminals for money laundering and even terrorist financing.
The bank is to stop issuing the 500-euro bills around the end of 2018 although those currently in circulation will remain legal tender.
Nevertheless, resistance to the abolition of the 500-euro banknote runs high, particularly in Germany, where most people still prefer to make payments in cash even for big ticket items like electronic goods.
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