The process of releasing the banknote with the image of Bangabandhu Sheikh Mujibur Rahman, which was sealed in the vault of Bangladesh Bank, has begun.
The slow pace of printing new design notes and the increasing demand for cash in the market have led the central bank to gradually bring the old printed notes into circulation.
Bankers say that these notes are being re-distributed as per the instructions of Bangladesh Bank.
On the other hand, central bank officials say that since the banknote with the image of Sheikh Mujibur has never been officially banned, there is no legal or policy obstacle to releasing them in the market.
The issue came into fresh discussion after last year's political unrest. After the fall of the Awami League government in the face of the July uprising, statues of Bangabandhu were vandalized in various parts of the country.
Immediately after this, the interim government formed under the leadership of Nobel Peace Prize-winning economist Dr. Muhammad Yunus decided to make some changes to the state symbol and symbolic presentation.
In this context, the interim government decided not to release the currency notes with Sheikh Mujibur Rahman's picture in the market.
At the same time, initiatives were taken to introduce new design notes. At that time, the newly printed notes with Sheikh Mujibur Rahman's picture in the vaults of various banks were sealed.
Since then, a section of economists and bankers have questioned this decision.
According to them, not releasing the already printed notes in the market will be a huge waste of government money.
Policy changes by new government
After the BNP-led government took office through the recent elections, the issue was reviewed anew.
The government believes that keeping the already printed notes in the vault for a long time will be economically unreasonable.
Considering this, Bangladesh Bank has been allowed to re-release the old design notes in the market.
Central bank spokesman Arif Hossain Khan said: "The work of printing nine types of new design notes is underway. However, the speed of supply is somewhat slower than the demand. Since the old notes have not been banned and there is a demand for cash in the market, the previously printed notes are being released in stages."
Commercial bank officials said that they have started exchanging and distributing old notes after receiving instructions from Bangladesh Bank.
Sonali Bank general manager Shafiqul Islam said: “During Eid-ul-Azha 2025, the distribution of old-print notes was stopped. Later, Bangladesh Bank issued instructions to distribute them normally. Since then, we have been keeping the notes running as per the rules.”
According to bankers, the demand for cash in the country is always high, especially during festivals. Since the process of printing new notes is relatively slow, the decision to release old notes is realistic to maintain the supply of cash in the market.
Meanwhile, the central bank has announced that the exchange program for new notes will not be launched this time on the occasion of Eid.
However, in reality, the demand for new notes in the open market has not decreased. New notes are being sold at higher prices in various places.
In particular, notes with Sheikh Mujib’s picture are being sold as “new notes” in many cases. Those involved in the banking sector believe that this has created a kind of invisible transaction in the market.
Economists believe that the very slow process of printing new design notes has created uncertainty in the market. At the same time, the decision to keep the previous notes sealed was also economically questionable.
According to them, a country's currency is not only an economic medium but also a symbol of state continuity. Therefore, a sudden policy change in the design of the currency can put pressure on financial management.
In the current situation, many bankers see the decision to re-release old notes in the market as an acknowledgement of reality.
What's next?
Bangladesh Bank said that the work of printing new design notes is continuing. They will be gradually increased in the market.
However, until then, the previously printed notes will be the main reliance to meet market demand.
According to economists, it is important to take into account the financial costs, money supply system and the reality of the banking sector when making major decisions such as changing the design or symbol of the currency in the future.
