German central bank reports rise in counterfeit banknotes in 2023

German authorities found significantly more counterfeit euro banknotes in circulation in 2023 than in previous years, the German Bundesbank announced on Monday, reported dpa.

Police, retailers and banks in Germany discovered almost 56,600 counterfeit banknotes, a 28% increase over 2022, according to the central bank.

"The increase in the number of counterfeit notes is due to a few major cases of fraud, mainly involving counterfeit €200 and €500 banknotes," explained Bundesbank board member Burkhard Balz. Those banknotes are worth roughly $217 and $541, respectively.

"Despite the significantly higher number of counterfeits, the risk for ordinary citizens of coming into contact with counterfeit money remains low," Balz said.

According to calculations by the Bundesbank, there were an average of seven counterfeit banknotes per 10,000 inhabitants in Germany in 2023.

"The figures are a far cry from the all-time high of 2015," Balz added, when 95,400 counterfeit banknotes were withdrawn from circulation in Germany.