Governor calls for boost in cashless transactions to cut currency printing costs

Bangladesh Bank Governor Ahsan H. Mansur has revealed that the country spends nearly Tk 20,000 crore annually on printing, storing, transporting, and distributing currency notes. To reduce this significant government expenditure, he emphasized the urgent need to increase cashless transactions across the country.

Speaking at a dialogue titled “365 Days of the Interim Government” held at a hotel in Gulshan on Sunday, Governor Mansur said that reducing cash usage and promoting digital payments are critical to saving public funds.

“Every year, a vast sum is spent on currency-related logistics. To curb this, Bangladesh Bank is actively supporting policy initiatives and developing technological infrastructure to popularize QR code-based transactions,” he explained.

He added that all licensed financial institutions will be required to adopt QR codes to facilitate faster, safer, and more transparent transactions for both businesses and consumers. “A reduction in cash usage will significantly lower state expenditure,” Mansur noted.

The governor also underscored the importance of affordable smartphones for enhancing digital financial inclusion. He said efforts are underway to bring good-quality smartphones to the market at prices between Tk 6,000 and Tk 7,000, aiming to extend smartphone accessibility to 100% of the population.

“Lower internet costs and improved service quality are essential to achieving this goal,” Mansur added.

Fahmida Khatun, Executive Director of the Center for Policy Dialogue (CPD), which organized the event, presented the main paper. She highlighted that the interim government’s reforms in the banking sector and other initiatives have stabilized exports and shielded the economy from major shocks. However, she expressed concern over the lack of foreign investment, stagnant employment growth, and sluggish revenue collection.

The event was attended by notable figures including Brigadier General (Retd.) M. Sakhawat Hossain, interim government’s maritime transport advisor; BNP standing committee member Amir Khosru Mahmud Chowdhury; and CPB General Secretary Ruhin Hossain Prince.