The Bank added that the number of counterfeit banknotes seized in Portugal remains minimal compared with the total banknotes in circulation.
The €20 and €50 banknotes accounted for 83 per cent of the banknotes seized in Portugal in the first half of 2016.
The €20 banknote continues to be the most counterfeited, totalling 49 per cent of counterfeit banknotes withdrawn from circulation. In the euro area as a whole, the most counterfeited denomination is the €50 banknote.
The Bank also revealed escudo banknotes to the amount of €1.2 million (74,694 banknotes) were exchanged at Banco de Portugal’s cash offices.
At the end of the year, 19.6 million escudo banknotes remained in the hands of the public, totalling €155.8 million.
One-third of the value of banknotes to be withdrawn from circulation corresponded to 5,000 escudo banknotes.