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The European Central Bank Unveils The New 10 Euro Banknote

posted 13 Jan 2014, 08:08 by Mpelembe   [ updated 13 Jan 2014, 08:09 ]

The new 10 euro banknote will be issued by the European Central Bank from September 23 and will be "even more resistant to counterfeiting," the ECB says.

 FRANKFURTGERMANY (JANUARY 13, 2014) (REUTERS) -  The European Central Bank (ECB) unveiled the currency union's new 10 euro banknote inFrankfurt on Monday (January 13) and said the legal tender will be issued from September 23.

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The new banknote for the 18 euro zone countries in the European Union's 28 member states will again feature an example of Roman architecture and red will be the dominating colour, according to the ECB.

The ECB began introducing new banknotes last year and started the renewal with the five euro note.

An ECB board member said the euro is gaining popularity with criminals.

"One of the main reasons for introducing a new series of notes is to ensure that everyone who uses them can continue to do so with complete confidence," said ECB board member and formerLuxembourg central bank governor Yves Mersch.

"That's why we have drawn on a number of new technologies to modernise the security features, making the notes even more resistant to counterfeiting," Mersch said.

The number of counterfeit euro banknotes withdrawn from circulation in the second half of last year rose by 11.4 percent from the first half to 353,000, the ECB said on Monday.

It was the highest level since late 2010, although with 15 billion banknotes in circulation the number of fakes remains very low in percentage terms.

The 20- and 50-euro notes remain counterfeiters' favourites, accounting for more than three quarters of fake bills.

According to Mersch, some 333 million people across Europe use the euro which replaced local European currencies in 18 countries on January 1, 2002.