Banks will be fined if they refuse to accept coins: Bangladesh Bank

Banks will be fined for refusing to accept coins from their clients during transactions.

The Currency Management Department of the Bangladesh Bank made the announcement in a circular on Monday.

It said the central bank’s decision was intended to ensure regular and smooth transactions.

The circular said newspaper reports along with personal and over-the-call complaints had revealed that banks were not accepting coins from their clients.

The circular said this caused public harassment during transactions, hindering their regular financial activities.

It added an accused bank will be fined if a complaint against it were to prove correct.

Acting Executive Director of the Currency Management Department Suvankar Saha told bdnews24.com: “We have seen that transactions in coins are facing problems.

“A rumour circulating in the market that coins will become unacceptable will be reinforced if banks start refusing coins.”

“We had issued directives to the banks on this matter earlier. But we’re still getting complaints,” Saha said.

That is why Bangladesh Bank has taken the decision to fine erring banks, he added.

He said the central bank’s other branches had also been directed to accept coins from the public.