Central Banking

RBA paper finds high social cost to counterfeiting

Australian 50 dollar bill

A research discussion paper published by the Reserve Bank of Australia (RBA) on May 4 seeks to quantify the social cost of currency counterfeiting.

According to The social costs of currency counterfeiting, Australia appears to suffer from lower levels of counterfeiting than other countries. Per million banknotes in circulation in 2013 the country detected on average just 16 counterfeits, compared with 29 in Canada, 46 in the eurozone, 98 in Mexico and 230 in the UK.

The counterfeits impose costs

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