Sales of fresh notes gain momentum ahead of Eid

The joy and festivity of Eid ul-Fitr, the biggest religious festival of the Muslims, remain incomplete without Eid salami – a token of appreciation that adds to the delight of the auspicious occasion by many folds.

The new currency notes, therefore, become instrumental on the Eid day for every household.

As tradition would have it, elders of every household collect new currency notes before Eid and distribute them among the children of the families.

Centering this trend, every year the market of new notes gets momentum ahead of Eid festivals.

The Bangladesh Bank (BB) also started releasing new currency notes of Tk 23,000 crore (230 billion) in the market from April 20 through 32 branches of different scheduled banks this year.

The central bank has withdrawn the similar quantity of old currency notes from the market to make a balance in currency flow.

The new notes include Tk 10, Tk 20, Tk 50 and Tk 100.

Visiting different places of the capital, The Business Post correspondent found that traders were selling new currency notes at different points.

They not only trade for new notes but also trade old and split or notes that are ripped apart in exchange of commissions.

Their business does not witness much hype in normal times, but Eid brings a rush of new demand.

Following the upcoming Eid ul-Fitr, many a new trader joined the new currency note business near the Bangladesh Bank in Motijheel area.

Approximately, 20 to 25 people were selling new currency notes there.

The country’s largest temporary market of new currency notes is situated in Motijheel area, buyers said, adding that, apart from the central bank, a portion of new notes flows into the hands of traders centering the Eid festival.

These sellers operate their business in exchange of minor commission which also continues round the year. The business of new currency notes is also operated in the city’s Gulistan, Farmgate and Sadarghat areas.

In these markets, 100 pieces of one taka coins are available at Tk 110 to Tk 120, 200 notes of Tk 2 are sold at Tk 440, 200 notes of Tk 5 and 100 notes of Tk 10 are available at Tk 1,050.

The buyers can get 50 notes of Tk 20 at Tk 1080 to Tk 1100.

Normally, notes of Tk 5, Tk 10, Tk 20 and Tk 50 see high demand but notes of Tk 100 and Tk 500 are also available there. Asad Hossain, who went to buy new notes in front of Sena Kalyan Bhaban in Motijheel area, said getting new currency notes from the Bangladesh Bank is quite time consuming.

So, to avoid hassle, he went to footpath hawkers.

Farhad Hossain, who also went to Motijheel to buy new currency notes, alleged that bank officials directly refuse to provide new notes citing unavailability.

“People who are known to bank officials get new notes. So, every year, I collect new notes from the street vendors,” he said. New currency trader Renu Begum told The Business Post every year they witness increasing demand of new notes before Eid festivals which gets momentum after 15 days of the holy month of Ramadan.