Deputy Finance Minister II Mohd Shahar Abdullah said while there were isolated cases of counterfeit notes in the country, the rate was still quite low.
"In 2016, the ratio was 1.4 PPM and in 2019, it was only 1.2 PPM and up until the middle of 2020, the rate is 1.0 PPM. Earlier, Mohd Shahar said that the total value of banknotes issued and distributed by Bank Negara Malaysia was RM120.7bil compared to RM113.2bil deposited by financial institutions in the same period.
"The increase of currency in circulation was in line with economic growth, but since 2015, the rate of increase slowed down due to the use of e-payments.
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