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Published : 05 Dec 2024, 05:19 PM
The government will print currency notes with new designs in the next six months, says Bangladesh Bank spokesperson and Executive Director Husne Ara Sikha.
The central bank received the government’s approval in this regard and now the required process has to be completed, she told bdnews24.com on Wednesday.
“We hope that the bank notes with the new design will hit the market in six months.”
Discussions started on whether to print currency notes with new designs after removing Bangabandhu Sheikh Mujibur Rahman’s image following the Awami League government’s ouster on Aug 5. Central bank officials said that instead of Bangabandhu’s photo, images of religious structures, Bengali culture and ‘July revolution graffiti’ would be added to the notes.
Currently, the government decided to change the designs of Tk 20, 100, 500 and 1,000 notes. The authorities have begun the printing process already.
HOW NEW NOTES ARE PRINTED
The Security Printing Corporation Bangladesh Limited, known as Taakshal, prints banknotes. The printing press was established in 1976 but first started operations in 1988 by printing Tk 1 notes.
Tk 10 notes were printed in November of that year. Before printing any currency note, the government approves its design. Hence, it calls for tenders from artists to create the design.
Once the design is final, paper, ink and plates are prepared through international tenders. The plates are made abroad according to the design and then Taakshal prints the notes.
When asked, a Taakshal official said that there were two ways to print notes after removing Bangabandhu’s image. “As the government didn’t announce the scrapping or withdrawal of any note, they can be printed according to the old design,” they said.
“In that case, as the design is already approved, we can start printing after the new printing plates are made.”
The process would be lengthy if the government wanted to print notes with new designs as it required tenders to create the designs, scrutiny, and security issues, the official said. It will require more time and money.
The second option would take 18 to 20 months to print new notes, they said. Only notes with old designs could be printed in six months.
Bangladesh Bank does not always print money. Generally, a note remains in circulation for four to five years. Then they are re-printed. Small currency notes circulate more and are damaged more quickly, making them unusable.
After printing a specific amount of notes for a year, Bangladesh Bank keeps them in its vault. Then it releases the notes when required. Only then do they become Taka or money. Before that, those notes are not added to the Bangladesh Bank Money Circulation Report as Taka.
In the 2022-23 fiscal year, Tk 384 billion was spent to print new notes, as per the annual report of the central bank. The figure stood at Tk 374 billion the year before. It took Tk 340 billion to print new notes in the 2020-21 fiscal year.
Last time a new design was used for printing notes was for Tk 200 notes in 2020. Bangabandhu’s image was given a new look in that note.
Since 2020, two new types of Bangabandhu’s pictures have been used on the notes after removing the old ones. The new ones were clearer.
Bank notes devoid of Bangabandhu’s image were printed in 2009. Then governor Salehuddin Ahmed is serving as the finance advisor of the current interim government. Some red-coloured Tk 500 and Tk 1,000 notes printed at that time are still found in the market.
