The Czech National Bank (CNB) has recently disclosed a concerning increase in the detection of counterfeit banknotes and coins during the first half of 2023. The number of fake currency seized by the CNB in the initial six months of the year more than doubled in comparison to 2022. Particularly, counterfeit Czech koruna banknotes were the most prevalent, with the CNB confiscating 1451 fake banknotes of this type.

Counterfeit Czech coins were also discovered in significant numbers, with 904 seized during the first half of the year. This is a notable increase as counterfeit coins constituted only a small fraction of counterfeit currency in previous years.

The CNB’s efforts in combatting counterfeit currency have led to the seizure of 192 counterfeit euro banknotes, 162 counterfeit US dollar banknotes, and 81 fake euro coins. The detection of counterfeit banknotes and coins saw a substantial surge in the second quarter, with nearly double the amount seized compared to the first quarter.

While counterfeit coins were more prevalent during the first quarter, counterfeit banknotes were the primary focus of seizures in the second quarter. The CNB has issued a warning, emphasizing that counterfeiters are employing increasingly sophisticated techniques and high-quality printing methods to produce fake currency.

In response to the rise in counterfeit currency, the CNB has implemented measures to address the issue, including heightened inspections of banknotes and coins in circulation. Additionally, the CNB has called upon the public to remain vigilant and promptly report any suspicious currency to the authorities.

Counterfeiting and tampering with currency are severe crimes in the Czech Republic, carrying penalties of up to eight years in prison for offenders. Organized criminal groups or large-scale counterfeiting operations can face penalties of up to ten years in prison.

The CNB’s initiatives to combat counterfeit currency are crucial in safeguarding the integrity of the country’s financial system. Public awareness regarding the risks associated with counterfeit money is essential, and individuals should take necessary precautions to protect themselves from falling victim to these crimes.

Although digital payments and cryptocurrencies have gained popularity, the recent report by the CNB serves as a reminder that physical currency remains a vital component of the economy. It is imperative to implement measures that prevent fraud and uphold public trust in the financial system.

Article by Prague Forum