New banknotes of Tk 30 thousand crore to smell before Eid

Bangladesh Bank is going to release banknotes amounting to Tk 30 thousand crore, eyeing to cater to the demand for new notes during Eid-ul-Fitr at the end of Ramadan.

Sources in the central bank said that most of these fresh banknotes are reprinted along with some new, adding that this year BB is printing the paper money amount of which higher by Tk 8 thousand crore than the currency printed in 2019.

Keeping an eye on the bigger demands for banknotes of Tk10, Tk20, Tk50, Tk100 denominations before the biggest Muslim festival, BB is printing extra notes so that revelers can collect wads of banknotes and newly-minted coins, the sources added.

The central bank releases new banknotes before Eid-ul Fitr and Eid-ul Azha every year so that Eid tips, popularly known as Eidie, can be given and taken using notes of new looks and smells. It is part of traditional Muslim culture to give freshly-printed banknotes and newly-minted coins to the younger ones during the Eid day.

As demands for new currencies go up in this time of Hegira calendar, so BB grab the opportunity and supply the new or reprinted notes to the market.

While talking to Bangladesh Post, insiders of bank didn’t hesitate to express their apprehension about the nature of Eid-ul Fitr, saying that banknote business may not be that much bullish as coronavirus has played havoc with the economy. The process of distribution of the banknotes is not decided yet. The printing of the paper money at Bangladesh Security Printing Press in Gazipur is going on and they will hit the market in mid Ramadan.

Worn, damaged and torn banknotes, which commercial banks and people submit to Bangladesh Bank counter, are finally destroyed and new notes against those numbers are reprinted. Sometimes new notes are printed in line with the necessity of the economy but this year the amount of notes printed afresh is small.

Bangladesh Bank Executive Director Abu Farah Md Naser said, “Before the Eid-ul Fitr we are readying Tk25-30 thousand crore for distribution among revelers. The new banknotes will hit the market halfway through the month of Ramadan. Later the place and time of exchange will be advertised but the commercial banks can collect banknotes with fresh smells from the central bank as per their demands.”