Banknote

Bulgaria is grappling with a sharp increase in counterfeit currency, with the Bulgarian National Bank (BNB) reporting a concerning surge in fake banknotes, particularly those of 100 BGN denominations.

As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape.

A group of counterfeiters which had been producing 100-euro bills was busted in a joint police operation involving Europol and police forces in four countries, including Greece.

The criminal group consisted of at least 18 people and their 100-euro bills were hand-made, as opposed to printed, using special ink and watermarks, which made them invisible to counterfeit bill detectors.

A routine fine payment at the Limassol Court on Tuesday took an unexpected and unconventional turn, leaving court officials and onlookers shaking their heads in disbelief.

In the months before the introduction of the euro in Bulgaria, citizens will be encouraged to deposit as many levs (BGN) banknotes and coins as possible in bank accounts.

The Central Bank of Cyprus highlighted in a report that the 10-euro banknote is the most counterfeited bill, making up 40.8% of all counterfeit money circulating on the island.

The 20 BGN banknotes from 2005 will be removed from circulation from February 1 and will no longer be legal tender. After this date, banknotes with a nominal value of BGN 20, 2005 issue, will be exchanged at the cash desks of the Bulgarian National Bank (BNB) at nominal value without limit of quantity, without fee and without deadline for exchange.

Bank accounts will automatically be converted from BGN to EUR on the day of the introduction of the single European currency, emphasized the Governor of the Bulgarian National Bank (BNB) Dimitar Radev in his publication in the bulletin of the Association of Commercial Banks.

A first-emission 1,000 Turkish Lira banknote which was printed in the U.K. in 1927 was put up for sale at an online auction with an opening price of 800,000 Turkish Liras (nearly 60,000 dollars).

The banknote features a portrait of Mustafa Kemal Atatürk, founder of modern Turkey, on the front and an image of the Geyve strait section of the Sakarya railway line on the other side.

Turkish police last year launched a total of 176 operations against 101 organized crime rings, detaining nearly 2,400 suspects.

Those operations carried out by the police force's smuggling and organized crime unit in 46 province, targeted mafia-like groups.