Despite Bangladesh Bank releasing freshly designed Tk20, Tk50, and Tk1,000 notes ahead of Eid, scheduled banks are failing to distribute them, while traders openly sell the notes at inflated prices in the open market.
Visits to Motijheel and Gulistan revealed traders sitting under the open sky, openly displaying and selling the new banknotes. Due to high demand, prices have surged — a single Tk20 note now sells for Tk50, a Tk50 note for Tk80, and each new Tk1,000 note carries an extra Tk50–60 premium.
Tk20 bundles are in the highest demand, with buyers paying Tk1,200–1,500 extra per bundle. Tk50 bundles are being sold at Tk1,000–1,200 above face value.
While the open market has ample supply, banks claim to have no stock. Even bank officials have been unable to obtain the new notes for personal use.
A frustrated private bank official in Dhaka said, “Only a few banks received the new notes after the release. Though head offices have them, branches are yet to get any.”
At Sonali Bank’s head office in Motijheel, crowds gathered hoping to collect new notes, but most left empty-handed.
“New notes are being sold at double the price right outside the bank, yet the bank claims there’s a shortage,” said Monirul Islam, a customer. “If the notes haven’t been properly released, how are so many available in the black market?”
According to reporting from UNB, traders initially refused to disclose their source, but one in Motijheel, speaking anonymously, claimed, “These notes come directly from the banks—some state-owned bank officials in Motijheel and Gulistan are colluding with traders.
Another trader in Gulistan explained, “Bank officials don’t sell directly; they supply middlemen, who then sell at even higher prices.”
Bangladesh Bank began limited circulation of the new notes from June 2, initially in Dhaka branches, with plans to distribute them to districts after Eid.
When asked about the open market sales, Bangladesh Bank’s Executive Director and spokesperson, Arif Hossain, said, “There’s no way the notes reach the market directly through us. If customers withdraw and resell them, we can’t control that.”
On allegations of bank staff involvement, he responded, “If anyone has any evidence, share it—we’ll take strict action. Even I haven’t received any new notes
Urging the public not to support the black market, he added, “Don’t buy notes at higher prices. If customers refuse, this syndicate will collapse.”