Fake Euro Notes Rose 27% in First Six Months: Bundesbank

The Bundesbank said the number of counterfeit euro banknotes removed from circulation in Germany increased in the first six months of 2014.

The Frankfurt-based central bank withdrew 24,623 banknotes, up 27 percent from the six months from July to December 2013, it said in a statement today. The losses caused by forgeries amounted to 1.5 million euros ($2 million), it said.

The Bundesbank said it removed 20,156 coins from circulation, compared with approximately 24,000 in the second half of last year.

“Forgeries in Germany remain at a very low level, despite the recent increase,” Bundesbank board member Carl-Ludwig Thiele said in the statement.

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