New banknotes worth about several crores of taka are being sold daily in the city’s two points ahead of the Eid festival, traders say
Like every other year, new currency notes are again in high demand in Dhaka ahead of the Eid-ul-Fitr.
Traders were seen selling fresh banknotes in the Motijheel and Gulistan areas of the capital on Monday as people crowded in front of the shops to exchange new notes for old ones.
New banknotes worth about several crores of taka are being sold daily in the city’s two points ahead of the Eid festival, traders said.
The demand for new notes is quite high as many people want to give Eid tips (salami) to kids and dear ones on the occasion, they added.
“Sales of new currency notes are not good except before the Eid festival,” said Zahura Begum, a Motijheel-based new currency note trader.
“The Covid-19 pandemic struck a major blow to our business,” she added.
The traders said that sales on Monday were much higher than that in the last few days and the price of new banknotes has also increased with the rise of sales.
These makeshift footpath shops attract people who do not want to take the pain of queuing up at the central bank and other commercial banks for the new notes.
The majority of fresh note buyers belonged to the middle-income, lower-middle, and lower-income groups of the society.
Buyers have to spend an additional Tk100 to Tk200 to get a bundle of Tk5, Tk10, Tk20, Tk50, Tk100, Tk500, and Tk1,000 notes.
Every year, the Bangladesh Bank aims to release new currency notes in the market before the Eid-ul-Fitr.
“We have set a target to release Tk25,000 crore before the Eid,” said Serajul Islam, Bangladesh Bank spokesman and executive director.
He said the initial target is to release Tk22,000 crore. Last year, the central bank released Tk18,000 crore in new notes.
Central bank officials said that the decision to release new cash in the market as part of its move to withdraw old notes and replace them with new ones.