Beware! Last year, the number of euro counterfeits increased rapidly in Latvia

In 2023, 1,248 counterfeit banknotes were found in circulation in Latvia, including 655 counterfeit banknotes and 593 counterfeit coins. On the other hand, in 2022, 889 counterfeit banknotes were found in circulation, including 433 counterfeit banknotes and 456 counterfeit coins.

The most common in Latvia are counterfeits of two-euro coins – 43.6% of the total number of counterfeits, followed by counterfeits of 50-euro banknotes – 18% and counterfeits of 20-euro banknotes – 17%.

Evaluating the quality of counterfeits, the Bank of Latvia has concluded that low-quality products predominate.

Antiņš explains that, despite the increase in the number of counterfeits, which can be explained, among other things, by the increase in the number of banknotes in circulation, including in the eurozone by about 5% in total, Latvia is still among the eurozone member states with the best situation with money security.

The survey conducted by “Latvijas Faktu” in February 2024 shows that 61% of respondents consider the euro to be a safe and easily counterfeited currency, while 13% had the opposite opinion. On the other hand, a year earlier – in February 2023 – 45% of respondents considered the euro a safe money, while 29% had the opposite opinion.

Antiņš informs that the latest Eurozone statistics on the number of euro counterfeits in 2023 show that the number of euro counterfeits remains at a low level – 16 counterfeit banknotes per one million genuine banknotes in circulation.