The release of new currency notes in Bangladesh will not take place before the upcoming Eid-ul-Fitr, as the central bank, Bangladesh Bank, has instructed banks to halt the exchange of new notes for worn-out ones and refrain from distributing any new notes from their stock.
Sources informed Prothom Alo that objections have been raised regarding the current banknotes, which feature the photo of the nation’s founding father, Sheikh Mujibur Rahman. As a result, the central bank is in the process of redesigning the notes, which has led to the delay in their release. However, the existing banknotes will continue to circulate during this period.
Earlier, Bangladesh Bank had announced that new notes in denominations of Tk 5, Tk 20, and Tk 50 would be issued between March 19 and March 25 to mark Eid-ul-Fitr. Despite this plan, the release of these new notes has now been postponed.
Arif Hossain Khan, a spokesperson for Bangladesh Bank, confirmed the delay to Prothom Alo, stating that no new banknotes will be exchanged before this Eid, though the previously issued notes will remain in circulation.
It has been reported that the new designs will replace the image of Sheikh Mujibur Rahman’s bust with depictions related to the July uprising and other significant national landmarks. The redesigned notes are expected to enter circulation sometime between April and May.
An official involved in the minting process explained that while the need for redesign is apparent, changing the currency design is not a simple task. Banknote paper and all necessary materials, including ink and dyes, are sourced from a select number of global suppliers. As a result, introducing new designs typically requires at least two years of preparation.
Nonetheless, the central bank has been making efforts to expedite the process of introducing new banknotes, focusing on enhanced security features and improved quality.
While the redesign is underway, the current currency notes will continue to serve as legal tender during this transitional period.
