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(LEAD) Fake South Korean banknotes decreased sharply in 2016: BOK

All News 14:38 February 01, 2017

(ATTN: UPDATES with more details)

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.

Meanwhile, the number of fake 10,000-won bills detected in South Korea came to 667 last year, up 99.1 percent from 335 in 2015.

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, compared with 65.3 in Mexico.

The number of counterfeit bills found in every 1 million banknotes in circulation came to 70.1 in Britain, 7.4 in Canada and 0.1 in Japan in 2015.

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


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