Counterfeit Money on the Rise in the Czech Republic

The Czech National Bank (CNB) has reported a significant increase in counterfeit banknotes and coins detected in the first half of 2023. The number of fake banknotes and coins seized by the bank in the first six months of the year was more than double the amount seized in 2022. The majority of the counterfeit currency was in the form of Czech koruna, with the CNB seizing 1451 fake banknotes of this type.

The CNB also detected many fake Czech coins, with 904 seized in the year’s first half. In previous years, counterfeit coins had made up only a tiny fraction of all counterfeit currency detected in the country.

The bank also seized 192 counterfeit euro banknotes, 162 fake US dollar banknotes, and 81 counterfeit euro coins. The number of detected counterfeit banknotes and coins increased significantly in the year’s second quarter, with almost double the amount being seized compared to the first quarter.

While counterfeit coins were more prevalent in the first quarter, counterfeit banknotes were the most seized in the second quarter. The CNB has warned that counterfeiters are becoming increasingly sophisticated and are using high-quality printing techniques to produce fake currency.

The CNB has taken steps to combat the rise in counterfeit currency, including increasing the number of inspections on banknotes and coins in circulation. The bank has also urged the public to be vigilant and report suspicious currency to the authorities.

Counterfeiting and altering currency is a severe crime in the Czech Republic, with offenders facing up to eight years in prison. The penalty can be up to ten years in prison for organized criminal groups or large-scale counterfeiting operations.

The CNB’s efforts to combat counterfeit currency are crucial to maintaining the integrity of the country’s financial system. It is essential for the public to be aware of the risks associated with counterfeit money and to take steps to protect themselves from falling victim to these crimes.

With the rise of digital payments and cryptocurrencies, the threat of counterfeit money may seem less relevant. However, the CNB’s recent report reminds us that physical currency remains an integral part of the economy. Measures must be taken to prevent fraud and maintain public trust in the financial system.