Understand why Bangladesh is facing the crisis of currency notes

A big news has come out from Bangladesh. According to Sutras, the interim government of Bangladesh has banned printing currency notes with a picture of Sheikh Mujibur Rahman. This order is likely to affect the economy and obstruct the everyday life of the citizens.

Even though the interim government of Bangladesh, led by Muhammad Yunus, has not released any official information regarding the verdict, reports show that the sudden ban on issuing notes of Sheikh Mujibur Rahman, who leads Bangladesh’s independence, is lacking in the market and people are lacking in the market.

Let us know that after removing former Bangladesh Prime Minister Sheikh Hasina from power, the interim government has taken several steps, which is being seen as an attempt to eradicate the legacy of Bangabandhu Sheikh Mujibur Rahman.

According to sources, there is a demand for 1.5 billion new bank notes of different values ​​(value) in Bangladesh within a year. But Bangladesh does not have the ability to replace the existing currency notes, especially in the informal economy, which is about 40 percent of the country’s GDP which is largely dependent on cash transactions.

Economists say that with high inflation rates and rising food prices, if the crisis in the supply of currency notes is not immediately overcome, it can cause economic destruction. Sources say that even though new notes are printed, it will take a long time to change the currency notes because the demand is more than the supply capacity. Economists are demanding to issue notes to ensure that the economy does not have to face unnecessary pressure from steps like demonetisation.