A stopped memo cycle leaves banks and public hardships
Bangladesh Bank officials, who are discussing on condition of anonymity, have confirmed in recent weeks that no new memos have been provided to the commercial bank. This breaks the long tradition of issuing fresh notes ahead of holidays and major deals.
“Memos from different denominations are printed using paper and ink purchased at people’s taxes. Millions of notes with photos of Bangabandhu are still in the safes of various banks. Security printing companies do not have the ability to cancel all notes at once and print new ones.
Dirty, torn notes are still in circulation
The move has sparked visible tensions in daily cash transactions. Stores, banks and customers report that old, torn and worn notes are difficult to handle because no replacements have been issued.
Ziauddin Ahmed recommended a step-by-step approach to solving the problem.
“When new design notes appear on the market, the old ones need to be gradually withdrawn. In general, a single printed note can be used for up to four to five years,” he said.
We look forward to new design notes soon
According to a source at Bangladesh Bank, the security printing company is scheduled to start printing new design notes from next month. In the first phase, Tk 20, 50, and 1,000 notes will be introduced into distribution through the bank.
The lack of fresh notes first surfaced after political changes last August. Since then, Bangladesh Bank has withheld all currencies (including coins) featuring the image of Sheikh Mujibour Rahman.
