Decrease in fake notes

THE volume of counterfeit notes discovered last year decreased significantly by 73.3 per cent to 28 notes compared with 105 in 2013.

The central bank said the value of counterfeits remained negligible, at less than 0.1 per cent of currency in circulation.

In its annual report last year, the Reserve Bank of Fiji said the $20 and $50 notes were the most counterfeited denominations as those were commonly used.

In its effort to address counterfeiting, the bank said it continued to assist the Fiji Police Force with relevant investigations and distributed awareness materials to various organisations, schools and the general public.

Meanwhile, in 2014, the central bank said $0.9million was reimbursed to commercial banks, businesses and individuals for mutilated and old design currency compared with $1m in 2013. In the same year, it added numismatic or collector currency income decreased over the year by 21.7 per cent to $1.8m.

This, it said, was attributed to a decrease in overseas sales of existing silver coins, single, pairs and uncut sheets of new flora and fauna notes including other currency collectible items.

During the year, the bank signed a number of agreements with partner mints for various new programs.

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