The Bank of Mexico has reported an alarming increase in the circulation of counterfeit bills in Yucatán during the first quarter of the year, raising concerns among local businesses.
Counterfeit bill circulation in Yucatán saw a 20 percent rise in the first quarter compared to the same period last year, according to the latest data released by the Bank of Mexico (BANXICO).
From January to March 2023, Yucatán accounted for 817 counterfeit bills, and this number rose to 981 in the same period of the current year. This is a significant jump compared to 2022, when only 378 were detected in the first quarter, amounting to just 38.5 percent of the current total.
Reports from market areas confirm an uptick in counterfeit currency in recent years. As reported by POR ESTO, at least five cases of fake currency were notified last month; counterfeiters exploit merchants’ trust and their lack of detection tools. Their common tactic is to purchase low-value items with high-denomination bills to obtain cash.
In the second quarter of 2022, 685 fakes were detected, which leaped to 919 in 2023. So far, this accounts for 92.2 percent of last year’s semi-annual total and 56.5 percent of the previous year.
Last year concluded with 3,391 reported counterfeit bills in Yucatán; a 23.5 percent increase from 2022, which had 2,745.
The statistics for bills contrast with coins, as Yucatán has only recorded one case this year, surpassing zero cases in 2022 and matching one case in 2021. There were two reports of such incidents in the state in 2022.
In fact, foreign currency is the second most common counterfeit. Currently, there are 19 reported cases this year. In 2023 there were 95, exceeding the 83 from 2022.
Regarding the Peninsula, Quintana Roo ceased being the state with the most counterfeits last year, falling behind Yucatán with 2,545 cases. It now totals 516 in the first quarter. Meanwhile, Campeche ranks third with 969 cases in 2022 and 243 this year.
