Sharp drop in euro forgeries: ECB

(FRANKFURT) - The number of counterfeit euro banknotes withdrawn from circulation dropped sharply last year, the European Central Bank said Monday, warning the public nevertheless to stay alert for fakes.

A total of 606,000 fake banknotes were removed from circulation in 2011, a decline of 19.3 percent on the previous year, confirming a downward trend, the Frankfurt-based institution said in its twice-yearly counterfeits survey.

The most commonly faked notes were the 20- and 50-euro bills, with the former representing 47.5 percent of all counterfeits discovered.

Fake euros have become much rarer. In 2009, there were 860,000 counterfeit notes withdrawn from circulation.

"When compared with the number of genuine euro banknotes in circulation (on average 14.4 billion during the second half of 2011), the proportion of counterfeits remains very low," said the ECB in a statement.

However, the bank "continues to advise the public to remain alert with regard to the banknotes received in cash transactions," added the institution.