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Number of fake banknotes drops 76 pct in first half: BOK

All News 11:01 July 21, 2016

SEOUL, July 21 (Yonhap) -- The number of counterfeit South Korean banknotes detected here in the first half of this year declined 76.6 percent from a year earlier, the central bank said Thursday.

A total of 637 counterfeit bills were found in the January-June period, down from 2,728 in the same period last year, according to the Bank of Korea.

The sharp decline came as no massive counterfeit bills were found in the first half. In January last year, four people were caught making 2,012 fake 50,000-won bills.

In South Korea, the 50,000-won bill (US$44) is the highest denomination.

The central bank also said the number of counterfeit bills found in every 1 million banknotes in circulation also dropped to 0.1 in the first half, compared with 0.6 from a year earlier.

In 2015, the number of fake bills found in every 1 million banknotes came to 0.7 in South Korea, compared with 71 in Mexico and 27.9 in Australia, it said.


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