Bangladesh Bank to reintroduce polymer banknotes

Kamran Reza Chowdhury bdnews24.com Senior Correspondent Dhaka, June 5 (bdnews24.com)- Bangladesh Bank is again considering the introduction of polymer-based bank notes. A proposal to introduce new notes of Tk 50 denomination made of a plastic polymer is under review at the currency management department of the central bank. The bank had previously issued 48.78 million polymer notes of Tk 10 denomination in 2000, at a cost of Tk 179.339 million (Tk 3.70 per piece), but the result was "not good". "I am assessing whether Bangladesh Bank can introduce polymer notes of Tk 50 denomination within the next couple of months," Chowdhury Mohidul Islam, general manager of the currency management department, told bdnews24.com on Tuesday. Although the central bank's previous attempt at introducing polymer notes was not good, he explained, the bank was thinking of printing polymer notes again as they last four times longer than paper notes. "An Australian company has submitted some samples of polymer notes which are of higher quality—unlike the previous notes. Printing on this polymer will not be easily defaced," Islam said. The draft proposal will be sent to the executive director, deputy governor and the governor of Bangladesh Bank for final approval, he added. An official of the currency management department claimed that the printing on previous polymer notes became quickly defaced as the public, especially the lower-income groups, handled notes roughly. The average durability of traditional paper notes was only two years, the official added, as the majority of people do not use wallets or purses. bdnews24.com/krc/rah/1806 hours