The Independent, 30 July 2012
New notes released by the central bank worth Tk 176 billion on the occasion of Ei-ul-Fitr are feared to fall short of demands, said bankers.
Generally, during Eid—the biggest festival for the Muslim community—demand for new notes increases many folds as it has become a custom to distribute fresh notes among the kids and youngsters as Eid selami in Bangladesh. Like every year, this year the Bangladesh Bank (BB) has circulated Tk 175.92 billion worth coins and notes, including new notes worth Tk 75 billion, according to BB.
The amount released this year increased by 36 per cent compared to the previous year’s Tk 129.70 billion. The BB has opened some counters from Sunday (July 29) and during office hour, an individual will be allowed to get not more than Tk 1,700 worth of notes and coins, said an official.
“Demand might beat the supply this year as we have been noticing that demand is at least 1.5 times higher than that of the previous year,” said Alamgir Hossain, an official of a private bank at Motijheel branch.
“Well ahead of the festival, demand for new notes at this branch is more than Tk 0.2 million a day which is significantly higher than the previous year,” he said.
An official of BB’s currency management and payment system department said, “We are issuing the new coins and notes of various denominations, such as Tk 2, Tk 5, Tk 10, Tk 20, Tk 50, Tk 100, Tk 500 and Tk 1000 on the occasion of Eid-ul-Fitr,” said a BB official. Along with the new banknotes, all existing paper notes in the same denominations will also remain in circulation.
“Demand for new notes on the occasion of Eid remains high every year because people distribute these new motes among their near and dear ones as Eid tips,” he added.
Of the total amount, the central bank would supply new notes of different denominations equivalent to Tk 15 to Tk 20 billion to its different offices across the country.
Circulation of counterfeit notes has been increased ahead of Eid festival as people generally spend a lot of money for shopping.
“To check this wrongdoing, the central bank has already taken measures, including creating awareness among the people and how to identify the fake notes,” said a BB official.
The government has also launched special drives to bring the culprits to the book. The law enforcers recovered fake notes worth of over Tk 4.7 million from different parts of Dhaka city from July 27 afternoon to early July 28.
Bangladesh Economy 
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