Cenbank to release newly designed banknotes ahead of Eid-ul-Adha

Bangladesh Bank has planned to circulate newly designed banknotes in the market before Eid-ul-Adha, according to the central bank sources.

The redesigned notes will feature graffiti commemorating the July Uprising, along with elements reflecting the country's cultural heritage and traditions.

Discussions surrounding the introduction of the new notes began on 5 August last year.

Although the banknotes were already printed, the government held back their release to avoid public backlash and controversy.

Despite nine months passing since the political shift, the new notes are yet to enter circulation. Since the notes feature an image of Sheikh Mujibur Rahman, they were not issued during Eid-ul-Fitr.

As a result, many customers have been incurring losses while exchanging torn or worn-out notes in the open market.

The scarcity of fresh notes has led to an increase in damaged notes being circulated, particularly in the Gulistan and Motijheel areas of Dhaka, where people are turning to informal channels for exchanges.

Although notes bearing Bangabandhu's image are currently stored in bank vaults, financial institutions are unable to distribute them due to directives from Bangladesh Bank.

Talking to UNB, the central bank spokesperson Arif Hossain Khan explained that it typically takes between one to one-and-a-half years to print newly designed banknotes.

But, considering public demand, the central bank intends to release the new notes ahead of Eid-ul-Azha.

He also mentioned that although nine types of new notes have been printed, not all denominations will be available immediately.

According to the central bank, the annual demand for fresh banknotes is around 1.5 billion pieces. However, the security printing press has the capacity to produce only 1.2 billion notes per year.