The Bangladesh Bank has decided not to release fresh banknotes ahead of Eid-ul-Fitr, a festival when people traditionally gift new currency notes to near and dear ones as part of the celebrations.
In a letter issued on Monday, the central bank instructed all scheduled banks to suspend the distribution of fresh banknotes and to preserve the available stock at branch offices without exchanging them with the public.
Banks have been advised to conduct all cash transactions using reusable notes.
According to Bangladesh Bank officials, objections have been raised by several quarters regarding the presence of Sheikh Mujibur Rahman鈥檚 portrait on currency notes. In light of this, the central bank has suspended the issuance of fresh banknotes ahead of Eid-ul-Fitr, one of the biggest religious festivals of the Muslims expected to be held at the end of March.
Therefore, existing banknotes featuring Sheikh Mujibur Rahman鈥檚 portrait will remain in circulation. The central bank is working to introduce newly designed banknotes by next month.
Bangladesh Bank spokesperson and executive director Arief Hossain said that fresh banknotes with new designs would be introduced between April and May this year. As part of this transition, the central bank is withdrawing older-design notes from circulation and has suspended their distribution, he added. Officials confirmed that the new banknotes will exclude Sheikh Mujibur Rahman鈥檚 portrait.
Instead, they will feature religious structures, symbols of Bengali traditions and graffiti related to the July Revolution.
Currency printing requires specialised materials sourced from a limited number of suppliers, BB officials said.
Only 8鈥�10 factories worldwide produce the paper used by about 190 countries, they said.
Changing banknote designs and printing new currency is a complex process that typically takes about two years, as ink, dyes and other materials must be procured from abroad, they added.
