A total of 120 counterfeit notes were confiscated from circulation in 2021 compared to five registered in 2020. It is the highest recorded in the past five years.
In its Annual Report for 2021 launched last week, CBSI says of the total counterfeit notes impounded, twenty-seven pieces were counterfeits of the new $100 notes series introduced in 2016, ninety-one pieces of the $50 notes series introduced in 2013 and two pieces of the $20 notes.
“The higher denominations as opposed to the lower denominated are the most targeted notes by counterfeiters as evident in confiscated records during the year,” the report states.
Figures revealed an upward trend in counterfeit notes in our communities in 2021. Meanwhile the Bank continues to use radio and print media in 2021 to conduct awareness programs to various communities under the 2020/2021 Currency Survey throughout the country.
The report states that the public were encouraged to develop and practice the basic habit of knowing, checking and feeling genuine currency notes before accepting them in exchange for goods or services.
Meanwhile of the total 120 pieces of fake notes, 78% were confiscated by Commercial Banks, 19% by the CBSI teller and the remaining 3% by SIG Cashiers. More than 92% of the fake notes were confiscated in the months of October, November and December of 2021.