Bangla QR mandatory for money transfers from July 1: Governor

Bangla QR will be mandatory as a medium for money transactions from July 1, Bangladesh Bank Governor Md Mostakur Rahman has announced.

He made the remark while speaking as the chief guest at a special views-exchange meeting on the formulation of the first half-yearly monetary policy for the 2026-27 fiscal year at a hotel in Khulna on Saturday, May 16.

"In the plan we have made for a cashless Bangladesh, you will all participate. This will bring us many benefits. It will facilitate our revenue collection and management," the governor said.

He said the government spends approximately Tk 20,000 crore annually on printing paper notes. If that amount can be reduced even by half, at least Tk 10,000 crore could be saved.

As part of the government's plan to build a cashless Bangladesh, an appeal has also been made to use Bangla QR for at least one transaction by June, the governor said.

The governor also spoke about farmer loans and the merger of five banks during the meeting.

Businessmen, various stakeholders and representatives of civil society from Khulna attended the views-exchange meeting. Speakers highlighted various obstacles in ensuring farmers' loans, fair prices for agricultural products, and proper pricing.