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Fake South Korean banknotes decreased sharply in 2016: BOK

All News 11:46 February 01, 2017

SEOUL, Feb. 1 (Yonhap) -- The number of counterfeit South Korean banknotes detected here dropped 58.3 percent in 2016 from a year earlier, the central bank said Wednesday.

A total of 1,373 counterfeit bills were found last year, compared to 3,293 in the previous year, according to the Bank of Korea (BOK).

The decline came as the number of fake 50,000-won bills fell 99.1 percent on-year to 19 last year. In 2015, four people were caught making 2,012 fake 50,000-won bills, though none of the counterfeit bills were circulated.

In South Korea, the 50,000-won bill (US$43) is the highest denomination.

The central bank said the number of counterfeit South Korean bills found in every 1 million banknotes in circulation dropped to 0.3 in 2016.

This file photo provided by South Korean police shows fake 50,000-won bills made by a color printer. (Yonhap)


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