April 26, 2024

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[THE INVESTOR] The number of counterfeit Korean banknotes detected here last year reached a 20-year low, the central bank said on Jan. 30.

The Bank of Korea said a total of 605 fake bills were found in 2018, down a sharp 63.5 percent from 1,657 a year earlier.

It was the lowest figure since 1998, when 365 forged notes were discovered.

The BOK said the decrease was driven by the arrest of two big time counterfeiters in the country.

As a result, the number of counterfeit 10,000-won bills (worth around US$8.95 each) with the same serial number plunged 77.7 percent on-year. In Korea, the 10,000-won bill is the most-used note and, behind the 50,000-won note, is the second-highest denomination.

By Ram Garikipati and newswires (ram@heraldcorp.com)