Alert: Kosovo's 2.5 Million Counterfeit Euro Emergency, CBK Takes Action

The Central Bank of Kosovo (CBK) recently announced its proactive measures to safeguard against counterfeit currency, particularly the influx of counterfeit 2 euro coins circulating at the end of 2023 and the beginning of 2024.

Some two-euro coins that are claimed to be counterfeit
 Some two-euro coins that are claimed to be counterfeit

In pursuit of this objective, the CBK has conducted inter-institutional meetings and implemented activities in accordance with the Facilitated Implementation Plan of the Regulation on Cash Operations.

Up until April 2024, the CBK has achieved significant results in the fight against counterfeit money and the implementation of regulatory measures for cash operations:

• Approximately 2.5 million pieces of 2 euro denomination coins have been withdrawn from circulation and deposited with the CBK.

• Detection and prevention measures have stopped around 54,000 suspected counterfeit 2 euro coins from entering the financial system.

• The economy has been supplied with nearly 7.4 million brand-new euro coins of all denominations, free of charge.

• Nearly 5.82 million brand-new euro banknotes suitable for recirculation have been supplied to the economy, totaling around 261.6 million euros.

• 5 million entirely new coins, equivalent to 8 million euros, have been imported.
2.4 million pieces (2.8 million euros) of 2 euro coins have been exported, withdrawn from circulation.

• The number of 500 euro banknotes withdrawn from circulation and deposited with the CBK has exceeded 266,000 units, valued at over 133 million euros.

• Four banks have been licensed for the import/export of cash.
57 authorizations (mostly non-euro currencies) for the transport of cash totaling 177.4 million euros have been issued.

• Furthermore, the CBK has executed the Facilitated Implementation Plan of the Regulation on Cash Operations, implementing activities outlined in the plan, such as toll-free hotline functionality, easing conditions for bank account openings, and the temporary suspension of CBK fees.

During this period, the CBK has licensed 8 branches/offices of financial institutions, installed 38 ATMs, and conducted over 350 promotional visits and activities.

The CBK emphasizes its continued focus on expanding access to finance, financial inclusion, financial education, and consumer protection.

The Central Bank of Kosovo encourages citizens and businesses to increasingly utilize electronic payments and report any suspicions of counterfeit currency to the relevant authorities.
Previous Post Next Post