New notes only available at high prices in the open market

On the occasion of Eid, Bangladesh Bank has released new design and series of 20, 50 and 1000 taka notes in the market. But these notes are not available in sufficient quantities in scheduled banks. However, the notes are available in the open market at almost double the price.

Bangladesh Bank has released new notes in the market on a limited scale from Monday (June 2). Although initially supplied to various banks in the capital, these notes will also be available in district towns after the Eid holidays.

However, ordinary customers have expressed their anger over not receiving new notes in banks before Eid. Many are forced to buy these notes from the open market at double the price to greet Eid, reports UNB

While visiting capital's Motijheel and Gulistan areas, it has been seen that note traders setting up stalls under the open sky, selling new notes. Due to the demand for these new design notes after the change in the country's political situation, the prices have also skyrocketed.

In the open market, a 20 taka note is being sold for 50 taka, a 50 taka note for 80 taka, and to buy a new 1000 taka note, an additional 50-60 taka is being paid.

The highest demand is for 20 taka notes in bundles. An additional 1200 to 1500 taka is being paid for each bundle. In addition, an additional 1000 to 1200 taka is being paid for a bundle of 50 taka.

Although the open market is bustling with new notes, these notes are not being found in banks. Let alone ordinary customers, bank officials have also said that they are not receiving new notes.

An official of a private bank in the capital lamented that after the new notes were issued, a handful of them were found in banks. Again, they have not yet arrived at the bank branches even after visiting the head office.

When visiting the head office of Sonali Bank in Motijheel, it was seen that many people had come to the bank hoping to get new notes, but they had to burn wood to get new notes from the bank. As a result, they are expressing anger that their expectations were not met.

One such customer is Monirul Islam. He said, new notes are being sold outside, but the bank says there are not enough notes. If there are not enough notes in the market, how did so many new notes come to the open market?

Habibur Rahman came to Gulistan to buy new design notes for Eid. He said, syndicates are running in everything. Such syndicates with taka notes are possible only in Bangladesh. Since banks do not have new notes, they are forced to buy them from the open market at double the price.

However, no one wanted to talk on the matter at first when asked how the open market traders got so many new design notes.

Later, a note trader from Motijheel said on condition of anonymity that the new notes come from the banks. "We have a good relationship with some officials of the government banks in Motijheel and Gulistan in particular. They are the ones who supply these new design notes."

When asked how much profit bank officials make, the trader said: "Two days ago, I bought a bundle of 20 taka for 900 taka extra. Now I am selling it for a profit of 500-600 taka. The situation is the same with bundles of 50 taka."

Regarding the sale of new notes in the open market, Bangladesh Bank Executive Director and Spokesperson Arif Hossain said: "There is no chance of new notes going to the open market through Bangladesh Bank, but if a customer withdraws money and sells it in the open market, Bangladesh Bank has nothing to do there."

In many cases, bank officials are alleged to be involved in this cycle. In response, Arif Hossain said: "If anyone in the bank is involved, please provide them with information. Strict action will be taken against them by talking to the governor."

He said: "Even as an official of Bangladesh Bank, I have not received any new notes, but notes are being sold at an inflated price right in front of the bank, which is sad."