Counterfeit notes confiscated in 2022 valued at $5,780

According to the Central Bank of Solomon Islands Annual report in 2022, a total of 98 counterfeit notes were confiscated compared to 120 pieces recorded in 2021 totaling to $5.780.

The report says a higher number of pieces were collected in March, June and July, and was likely attributed to the increase in demand for finances as a result of the financial distress faced by individuals and households due to the higher prices and the loss of real income, and the impacts of the COVID-19 pandemic.

The counterfeit notes confiscated in 2022 were valued at $5,780 against $7,290 in 2021.

The bank says despite the decline in the value of the counterfeit notes collected, the higher value of confiscated notes reported in 2021 and 2022 reflected the economic and financial difficulties associated with the COVID-19 pandemic during these periods.

The report found that of the total counterfeit notes collected last year, $2,800 were counterfeits of the $100 notes from the 2015 series, and $2,650 were $50 notes mainly from the 2013 issues.

Based on observations, more $50 counterfeit notes were reported when the Bank issues more $50 denominations than the $100 notes.

CBSI says with the ongoing expansion of high-tech printing machines and technology, the $50 counterfeit notes were produced using glossy materials, which means that they cannot wear easily when testing the texture of the note.

The Central Bank says it continues to take appropriate measures to address this issue through its on-going public awareness programs using the radio and print media in 2022 targeting its stakeholders and the general public as well as through dissemination of information over the counter.

News@SBMOnline2023