Halted word circulation leaves banks and public struggling
Officers from Bangladesh Financial institution, talking on situation of anonymity, confirmed that no new notes have been provided to business banks in current weeks. This has damaged an extended custom of issuing contemporary notes forward of holidays and main transactions.
“Notes of assorted denominations are printed utilizing paper and ink bought with folks’s taxes. Tens of millions of notes with Bangabandhu’s image are nonetheless mendacity within the vaults of assorted banks. The Safety Printing Company doesn’t have the capability to cancel all of the notes directly and print new ones. Due to this fact, notes with Bangabandhu’s image can’t be all of a sudden cancelled,” stated Ziauddin Ahmed, former govt director of Bangladesh Financial institution and former managing director of the Safety Printing Company.
Soiled, torn notes nonetheless in circulation
The transfer has precipitated a visual pressure on every day money transactions. Retailers, banks, and prospects are reporting issue dealing with outdated, torn, and worn-out notes, as no replacements are being issued.
Ziauddin Ahmed beneficial a phased strategy to unravel the issue.
“When new design notes come into the market, the outdated ones ought to be step by step withdrawn. Typically, notes printed as soon as can be utilized for a most of 4 to 5 years,” he stated.
New design notes anticipated quickly
In keeping with sources at Bangladesh Financial institution, the Safety Printing Company is scheduled to start printing new design notes beginning subsequent month. Within the first part, notes of Taka 20, 50, and 1,000 will likely be launched into circulation by banks.
The scarcity of contemporary notes first surfaced after political adjustments in August final 12 months. Since then, Bangladesh Financial institution has withheld all foreign money — together with cash — that includes Sheikh Mujibur Rahman’s picture.
