Muhammad Ayub Ali :
Eid Salami with crisp new banknotes adds an extra dimension to the joy of Eid, alongside new clothes and shoes.
Every year, Bangladesh Bank releases fresh currency notes ahead of Eid, and this year was no exception.
However, due to a ban, new notes featuring the image of Sheikh Mujibur Rahman were not released into circulation, prompting Bangladesh Bank to withdraw its decision to exchange new notes.
This move has left many customers disappointed and frustrated. As a result, some people are purchasing new notes from street vendors outside Bangladesh Bank at inflated prices.
Following the controversy over the release of notes featuring Sheikh Mujibur Rahman, a decision was made on 10 March to suspend the distribution of new banknotes.
With Bangladesh Bank halting the release, the trade of new currency has surged on the streets. Although this business operates year-round, demand significantly increases before Eid. Vendors are charging a premium for fresh banknotes.
A bundle of 100 Tk 10 notes is currently being sold for up to Tk 500 above its face value. Similarly, a Tk 20 bundle costs Tk 600 extra, Tk 50 notes come with a Tk 300 surcharge, and Tk 100 notes require an additional Tk 550. Even Tk 2 and Tk 5 notes are not exempt, with vendors demanding Tk 150 and Tk 250 extra, respectively.
Street vendors have hiked their prices even further this year due to the unavailability of new notes from banks. Last year, a shortage of fresh notes also led traders to charge between Tk 300 and Tk 400 more per bundle.
Ahmed, a customer purchasing new notes, told The New Nation: “I am going home for Eid, and every year, I give new notes to my younger siblings as salami. Seeing their smiling faces brings me joy.
But this time, the bank is not issuing new notes, so I had to buy two bundles of Tk 10 notes from outside Bangladesh Bank. I paid an additional Tk 800 for them.”
Aside from Bangladesh Bank, seasonal traders are selling new notes at stalls in key locations across the capital, including Gulistan, Sadarghat, Mirpur, Farmgate, and Raisaheb Bazar.
Meanwhile, following the decision to halt the exchange of new notes, banks are facing difficulties. Despite large stocks of fresh Tk 5, Tk 20, and Tk 50 notes stored in the vaults of 80 bank branches across Dhaka, these remain unused.
Bangladesh Bank has also refused to take these notes back, causing them to occupy significant space in branch vaults and tying up funds. Nineteen bank branches already facing financial strain have been particularly affected, as these new notes have now become a burden rather than an asset.
A senior official of Bangladesh Bank commented: “We had made all necessary preparations to release new notes and had already sent them to bank branches.
However, controversy arose over the inclusion of Sheikh Mujibur Rahman’s image on the notes. As a result, Bangladesh Bank ultimately decided to withdraw them from circulation.”
