The number of counterfeit Korean banknotes detected here in the first half of this year declined 76.6 percent from a year earlier, the central bank said Thursday.

A total of 637 counterfeit bills were found in the January-June period, down from 2,728 in the same period last year, according to the Bank of Korea.

The sharp decline came as no massive counterfeit bills were found in the first half. In January last year, four people were caught making 2,012 fake 50,000-won bills.

In Korea, the 50,000-won bill ($44) is the highest denomination.

The central bank also said the number of counterfeit bills found in every 1 million banknotes in circulation also dropped to 0.1 in the first half, compared with 0.6 from a year earlier.

In 2015, the number of fake bills found in every 1 million banknotes came to 0.7 in Korea, compared with 71 in Mexico and 27.9 in Australia, it said. (Yonhap)