Favorite two euros
According to the Bank of Latvia, in 2023, 1,248 counterfeit banknotes were discovered in circulation in the country, including 655 counterfeit banknotes and 593 counterfeit coins. And in 2022, 889 counterfeit banknotes were discovered in circulation, including 433 counterfeit bills and 456 counterfeit coins.
The most common counterfeit coins in Latvia are two-euro coins – 43.6% of the total number of counterfeits, followed by counterfeits of 50-euro banknotes – 18%, and then 20-euro banknotes – 17%.
Having assessed the quality of counterfeits, the Bank of Latvia came to the conclusion that low-quality products dominate.
It’s not that bad
Experts explain that, despite the increase in the number of counterfeits, which is, among other things, due to an increase in the number of banknotes in circulation (including in the eurozone as a whole by about 5%), Latvia remains among the eurozone countries with the best situation in the field of monetary security .
A survey conducted by Latvijas fakti in February 2024 showed that 61% of respondents considered euro money safe and difficult to counterfeit, while 13% had the opposite opinion. A year earlier, in February 2023, 45% of respondents considered the euro safe money, while 29% held the opposite opinion.
In addition, the latest eurozone statistics on the number of counterfeit euro banknotes in 2023 show that the number of euro counterfeits remains low, with an average of 16 counterfeit notes per one million genuine notes in circulation.
This is a slight increase from 2022 (13 counterfeit bills per one million real bills in circulation) and 2021 (12 counterfeit bills per one million real bills).
In total, approximately 467,000 counterfeit euro banknotes were withdrawn from circulation in the eurozone in 2023 (about 376,000 counterfeit euro notes in 2022), of which more than 70% were 20 and 50 euro notes. Of the identified counterfeits, 97.2% were seized in the eurozone countries, 1.9% in other EU countries, and 0.9% in other countries of the world.
Fresh banknotes are on the way
Despite the fact that the number of counterfeits remains low, the increase indicates that the Eurosystem cannot rest on its laurels and precautionary steps need to be taken to introduce the next, third series of banknotes in the foreseeable future, which will make life even more difficult for counterfeiters.
The Bank of Latvia also notes that such preparations have already begun in 2023: after listening to the opinions of eurozone residents, the ECB Council outlined possible themes for future banknotes – “European Culture” and “Rivers and Birds”. In 2026, final design solutions will be selected and a decision will be made on the production and issue of new banknotes.
Keep the change for yourself!
The Bank of Latvia has long proposed to abandon the use of small euro coins in the country. According to a recent poll, 47% of the population supports eliminating one- and two-cent coins.
The number of citizens who support the elimination of small denomination coins exceeds the number of people who expressed the opinion that coins of these denominations should remain in circulation (42%). In turn, in the fall of 2023, 49% of respondents expressed the opinion that small denomination coins should be withdrawn from circulation, and 46% – that they should be left.
Historically, the strongest support for revising the denominations of Eurocent coins was in February 2022, when 51% of respondents supported the idea of eliminating one and two-cent coins.
The Bank of Latvia has already developed a draft law on rounding the final amount of cash payments, which is being discussed with the Ministry of Finance and the State Revenue Service.
The biggest problem is setting up cash registers and cash register systems to reflect the rounding of the final purchase amount on the purchase receipt. Trading firms must not only make changes to systems, but also certify them in accordance with current regulations. This will have a significant impact on costs and increase implementation time.
A solution to the problem that benefits everyone has not yet been found, and the matter seems to have stalled.
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2024-04-10 07:37:07