Currency Crisis in Bangladesh: Why is it hard to find takas?
A Cash Shortage in Bangladesh
If you’re planning a trip to Bangladesh, you might want to double-check your wallet. There’s a shortage of Bangladeshi taka notes circulating in the market, leaving many locals and businesses scrambling for cash.
The Root of the Problem: A Change in Currency Design
This cash crunch is a direct result of the government’s decision to redesign the country’s currency. The new notes will feature religious structures, Bengali traditions, and graffiti from the July uprising, instead of the portrait of Bangladesh’s founding father, Sheikh Mujibur Rahman.
While some see this as a way to refresh the country’s currency, others view it as an attempt to erase Rahman’s legacy. The decision has created a major headache for the government and the people of Bangladesh.
The Bank’s Directive and the Impact on Businesses
In April, the interim government issued a directive to the central bank, ordering them to stop issuing the old notes featuring Rahman’s portrait. This has left banks with limited currency to meet the public’s demands.
As a result, businesses are struggling to operate. Some customers are left with old, torn, and unusable notes, making transactions difficult. Store managers are finding it hard to get fresh notes from banks, and ATMs are dispensing old and damaged currency.
Printing Delays and a Long Road to Recovery
Adding to the problem, the new notes haven’t started rolling out yet. The printing process is just beginning in May, and will take place in phases. Even then, it will take years to completely replace all the old notes in circulation.
Experts say that it could take five to seven years to remove all the old notes from the market. This means that the currency crisis could continue for a long time.
A Difficult Situation for the People of Bangladesh
The currency shortage is causing real hardship for ordinary Bangladeshis. They are facing difficulties making everyday transactions, and the situation is only expected to worsen in the coming months.
As one customer complained, ‘I withdrew 20,000 taka from an ATM, but three of the 1,000 taka notes were almost unusable. Now even if I try to return them, banks don’t want to accept them.’
The government needs to find a solution to this crisis quickly, before it further impacts the lives of Bangladeshis.
