Although Bangladesh Bank has released newly designed Tk20, Tk50, and Tk1,000 notes ahead of Eid, scheduled banks are unable to supply them, while they are being sold at inflated prices on the open market.
A visit to Motijheel and Gulistan reveals traders sitting under the open sky, openly displaying and selling the new banknotes.
Their prices have soared due to the high demand for these redesigned notes.
A single Tk20 note is being sold for Tk50, a Tk50 note for Tk80, and each new Tk1,000 note is carrying an added premium of Tk50 to Tk60.
Among bundles, Tk20 notes are the most sought after. Buyers are paying Tk1,200 to Tk1,500 more per bundle. Tk50 bundles come with an additional charge of Tk1,000 to Tk1,200.
While there is no shortage of the new notes in the open market, banks appear to be completely out of stock. Even bank officials have been unable to obtain new notes for personal use.
An official from a private bank in Dhaka, expressing frustration, said, “Only a handful of banks received the new notes after their release. Even though head offices of private banks have received them, branch offices are yet to get any.”
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At the head office of Sonali Bank in Motijheel, numerous people were seen hoping to collect the new notes. However, acquiring them from the bank has proven to be a difficult task.
One such customer, Monirul Islam, said, “New notes are being sold at double the price right outside the bank. Yet the bank claims there’s a shortage. If the notes haven’t been properly released to the public, then how have so many ended up on the open market?”
Habibur Rahman, who came to Gulistan to buy new notes for Eid, said, “It’s all part of a syndicate. Only in Bangladesh can something like this happen with currency. With no new notes at banks, we’re forced to buy them at double the price on the open market.”
When asked how they obtained the new notes, most traders initially declined to comment.
One trader in Motijheel, speaking on condition of anonymity, claimed, “These new notes come directly from banks. Particularly, there’s strong collusion between some officials at state-owned banks in Motijheel and Gulistan and the traders. They are the ones supplying the new notes.”
When asked about the profit bank officials make per bundle, the trader said, “Two days ago, I bought a bundle of Tk20 notes paying an extra Tk900. Now, they’re selling for Tk500–600 above face value. Same goes for Tk50 bundles.”
Another trader in Gulistan explained, “No bank official sells the notes directly. They pass them on to a middleman group, which then sells them at even higher prices in Motijheel and Gulistan.”
Bangladesh Bank began circulating new notes in a limited capacity from 2 June. Initially available at various bank branches in the capital, these notes are expected to reach district towns after the Eid holidays.
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Responding to the issue of open market sales, Bangladesh Bank’s Executive Director and spokesperson Arif Hossain said, “There is no scope for the new notes to reach the open market directly through Bangladesh Bank. However, if a customer withdraws money and sells it on the open market, there is nothing we can do.”
When asked whether some bank officials might be involved in this scheme, Arif replied, “If anyone has information that implicates bank staff, please share it. We will consult with the Governor and take strict action. Even I, as a Bangladesh Bank official, have not received any new notes. Yet, they are being sold outside the banks at inflated prices --it’s disappointing.”
He urged all not to support this black market, saying, “Please do not buy new notes at higher prices. If customers refuse to pay extra, this syndicate will naturally collapse.”