B’desh Halts Currency Featuring Mujibur, Faces Taka 15,000 Cr Loss
Bangladesh is grappling with a currency crisis, as the country’s central bank has halted the circulation of newly printed banknotes featuring the country’s founding father Sheikh Mujibur Rahman. This sudden move has created a severe shortage of clean money in the market, estimated to result in a financial loss of taka 15,000 crore.
The Banknote Series featuring Sheikh Mujibur Rahman was launched in January to commemorate the 50th anniversary of Bangladesh’s independence. The new series of notes was designed to include the image of the country’s most revered leader, who played a crucial role in the country’s struggle for independence.
However, the Bangladesh Bank, the country’s central bank, has suddenly stopped the circulation of the new notes, citing unspecified technical issues. The move has sent shockwaves across the country, leaving citizens and businesses scrambling for clean currency.
According to reports, the printing process for the new notes has not yet begun. The central bank had initially planned to introduce the new series of notes in a phased manner, but the sudden halt has left the entire process in limbo.
The shortage of clean money in the market has created a logistical nightmare for businesses and individuals alike. Many are finding it difficult to access clean currency for daily transactions, while others are forced to use dirty or worn-out notes, which can lead to further complications.
The halt in the circulation of the new notes has also led to a significant increase in the demand for alternative currencies, such as digital payment methods and foreign currencies. This has created a new set of challenges for the country’s financial markets, as the government struggles to maintain stability in the face of uncertainty.
The financial loss estimated at taka 15,000 crore is a significant blow to the country’s economy, which is still recovering from the impacts of the COVID-19 pandemic. The sudden halt in the circulation of the new notes has also raised questions about the central bank’s preparedness to handle such crises.
In a statement, the Bangladesh Bank said that it was taking necessary measures to resolve the issue and ensure the smooth functioning of the financial system. However, the lack of clarity on the technical issues and the duration of the halt has left many wondering about the future of the new notes.
The halting of the currency featuring Sheikh Mujibur Rahman is not only a financial crisis but also a symbolic one. The country’s founding father is revered by many as a hero who fought for the country’s independence and is still remembered fondly by many. The sudden halt in the circulation of his image on the currency notes has left many feeling frustrated and disappointed.
As the country struggles to resolve the crisis, it is essential for the government and the central bank to provide clear guidance on the situation and the measures being taken to address it. The citizens and businesses of Bangladesh deserve clarity and reassurance during this challenging time.
In conclusion, the halt in the circulation of the new banknotes featuring Sheikh Mujibur Rahman is a significant crisis for Bangladesh’s economy and financial markets. The country needs to take swift action to resolve the issue and ensure the smooth functioning of the financial system. The government and the central bank must provide clear guidance and reassurance to the citizens and businesses of Bangladesh, and work towards finding a lasting solution to this crisis.
