SAN SALVADOR, El Salvador — The Central Reserve Bank of El Salvador (BCR) seized more than 3,700 counterfeit banknotes in 2024, registering a drop in fake currency circulation but highlighting continued vulnerabilities in lower-denomination bills, particularly $20 notes.
According to the BCR’s annual report, authorities removed 3,743 counterfeit bills from circulation last year, totaling $93,418 in attempted fraud.
Eighty-five percent of the seized banknotes were in $20 bills, followed by $100 bills at 6.3%. The remaining 8.7% were $1, $10, and $50 denominations.
Banks submitted 3,804 suspicious bills to the BCR for analysis in 2024. Of these, 61 were deemed authentic and returned to customers, while the counterfeit notes were forwarded to the Attorney General’s Office and National Civil Police for investigation.
The total number of counterfeit bills seized decreased by 794 compared to 2023, when 4,537 fake notes were confiscated, totaling $102,743.
| Year | Bills | Amount | Previous Year % Change |
|---|---|---|---|
| 2024 | 3743 | $93,418.00 | -9.1% |
| 2023 | 4537 | $102,743.00 | 34.6% |
| 2022 | 3497 | $76,337.00 | -13.9% |
| 2021 | 4643 | $88,647.00 | 6.9% |
| 2020 | 5095 | $82,941.00 | -33.9% |
| 2019 | 7947 | $125,477.00 | -8.5% |
| 2018 | 7266 | $137,148.00 | 7.0% |
| 2017 | 6971 | $128,120.00 | 19.0% |
| 2016 | 6444 | $107,641.00 | -31.0% |
| 2015 | 8962 | $155,980.00 | -2.9% |
| 2014 | 10183 | $160,575.00 | — |
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While the annual figures fluctuate, the BCR noted a downward trend from the peak recorded in 2014, when 10,183 counterfeit banknotes amounting to $160,575 were seized.
Article 241 of the Banking Law outlines the procedure for handling suspected counterfeit banknotes in El Salvador.
To begin with, the bank staff must retain suspected counterfeit notes and stamp them as “counterfeit.” They issue a document with the customer’s details, agency info, and a signature. If the note is genuine, the customer receives a copy of the document to claim reimbursement.
Subsequently, the bank sends the note to the Central Reserve Bank within three business days. The BCR has 72 hours to verify it.
If the note is real, the bank reimburses the customer. If fake, authorities take possession of the fake currency after three more days.
Counterfeit currency remains a persistent issue across Latin America, undermining public trust in financial systems and causing economic losses for businesses, banks, and consumers who unknowingly accept fraudulent bills.
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