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4Q 2015 Saw Lowest Number of Fake Money
8.02.2016 13:17
4Q 2015 Saw Lowest Number of Fake Money
Photo Credit: http://www.cbr.ru/

The last quarter of 2015 saw 16,536 counterfeit banknotes found circulating in the Russian banking system. This is 1,622 banknotes less than in 2015 Q3 (18,158), being the lowest number for the last year.

      “Traditionally, the 5,000-ruble banknotes take the lead with 11,188 counterfeit banknotes seized in Q4 alone (against 12,939 in Q3). The number of the 1,000-ruble counterfeit banknotes is 2-plus times less (4,361). Forged 10-ruble banknotes and coins are the last in the row with 1 and 3 pieces respectively detected in 2015 Q4 against 7 pieces in Q3. As for 5-ruble coins, 267 counterfeit coins were seized in Q4 and 142 in 2015,” says the press release on the regulator’s website.

      The Central Federal District has been traditionally the most popular place to issue counterfeit money. “In 2015 Q4, the Bank of Russia Main Branch for the Central Federal District detected 8,655 counterfeit banknotes. Northwest Russia is still running up with 2,893 cases of detected counterfeit banknotes,” according to the official statement.

      Overall, in 2015, almost 72,000 Bank of Russia counterfeit notes were successfully detected, taken out of the circulation and sent to the law enforcement agencies.

      Article 75 of the Constitution of the Russian Federation establishes a special legal status of the Bank of Russia, gives it the exclusive right to issue currency (Part 1) and protect the ruble and ensure its stability, which is the main function of the Bank of Russia (Part 2). The status, purposes, functions and powers of the Bank of Russia are also spelled out in Federal Law No. 86-FZ, dated July 10, 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, and other federal laws.

      According to Article 3 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the goals of the Bank of Russia are to protect the ruble and ensure its stability, promote the development and strengthen the Russian banking system, ensure the stability and development of the national payment system, develop the financial market of the Russian Federation and ensure its stability.

       




Author: Mikhail Vesely

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