July 09, 2012 07:42
Counterfeit W50,000 banknotes are being widely circulated, the Bank of Korea said Thursday (US$1=W1,138). It found 85 fake W50,000 bills among all the counterfeit banknotes reported to authorities in the first quarter, over eight times more than during the same period last year.
This is the largest number of fakes discovered since the new banknotes came out in June 2009. In contrast, the number of counterfeit W5,000 and W10,000 bills discovered fell 34 percent and 13.1 percent.
Kim Sung-yong of the BOK said the circulation of counterfeit W50,000 bills is increasing in tandem with the wider circulation of the genuine article.
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