BM Desk : Customers are not receiving the new currency notes from the banks in the capital city of Dhaka, despite the government releasing them on the market in honor of Eid. They return empty-handed after hours of waiting.
Surprisingly, though, the merchants have set up a booth with brand-new notes in the open market, and they are selling them at a premium. In the past two days, at least 14 branches of seven banks—under Gulistan, Sadarghat, and Bangladesh Bank—were searched in order to get this information.
This marks the first occasion that Bangladesh Bank has altered the design and issued currency since the interim government assumed power. The distribution of these new notes was intended to occur through an additional 10 banks beyond the branch offices of Bangladesh Bank starting Monday. The participating banks include Sonali, Janata, Agrani, Rupali, Pubali, Uttara, Dutch-Bangla, Islami Bank, Al-Arafah Islami Bank, and BRAC Bank.
Arif Hossain, the Executive Director and Spokesperson of Bangladesh Bank, stated that the local branches of these banks have received the new currency. However, it is up to the banks to determine which branch will handle the distribution of the new notes.
In reality, the situation is quite different. On Tuesday, during my visit to the Agrani Bank branch at Jatiya Press Club, I observed a large number of customers eager for the new currency, yet many left empty-handed. The branch manager, Zakia Parveen, mentioned, “Customers are requesting new notes, but we haven’t received any yet. I am unsure when we will get them.” Similarly, Md. Razzaqul Haider, the manager of Rupali Bank’s Pallabi branch, echoed this sentiment.
There is a thriving trade in new currency on the open market. On both Monday and Tuesday, I visited the old money market located under the Gulistan Complex and noticed vendors displaying stacks of new 1,000, 50, and 20 taka notes. Customers were actively purchasing and selling these new notes, which are being offered at a 10 percent premium.
While the new 50 and 20 taka notes were not available on Monday, they are expected to be released on Tuesday, albeit in limited quantities. Many individuals are pre-purchasing the new 50 and 20 taka notes in anticipation of using them for Eid salami.
A customer who did not receive new funds from the bank voiced his frustration, stating, “I did not receive it from the bank. I was sure I would obtain it in Gulistan. That is what transpired. I did not receive it from the bank, but I got it here. Bangladesh is a nation where anything is achievable.” A similar scenario has been observed with the Bangladesh Bank. Nevertheless, the demand for 50 and 20 taka notes surpasses that for 1,000 taka notes in these currency markets.
When inquired about the new money vendor in Gulistan, he responded anonymously, “We do not seek out money; officials from the Bangladesh Bank come and provide it to us. This time, we went to acquire it to enhance competition.” He further explained, “We purchase money on commission. Consequently, we must sell it at a slightly elevated rate. An extra 10,000 taka is required for a bundle of 1,000 taka notes. However, the demand for 50 and 20 taka notes remains high.”
Nonetheless, Bangladesh Bank Executive Director and Spokesperson Arif Hossain asserted that the new money notes have not reached any foragers via the central bank, stating, “At present, there is no such opportunity. We have distributed new notes to 10 banks. Customers can withdraw the funds from there and sell them externally.”
When informed that no bank branch in Dhaka could provide new money to its customers due to a shortage, Arif Hossain remarked, “There exists a group whose responsibility is to gather this new money and sell it externally. However, there is no such opportunity at the Bangladesh Bank.”
A trustworthy source within the Bangladesh Bank indicated that previously, CBA leaders would sell new money notes externally for political reasons. Currently, some unscrupulous officials and low-level employees are engaging in this practice.
