Bangladesh could save about Tk20,000 crore annually, the current cost of printing, storing, transporting and distributing cash by reducing cash use and shifting towards cashless transactions, Bangladesh Bank Governor Ahsan H Mansur said on Sunday.
Speaking at a discussion titled 365 days of the interim government organised by the Centre for Policy Dialogue at Lakeshore Hotel in Dhaka’s Gulshan, he said the government needs to curb cash dependency to cut this huge expense.
The session was chaired by CPD distinguished fellow Mustafizur Rahman, while CPD executive director Fahmida Khatun presented the keynote paper.
Mansur said the central bank is already working to promote QR code–based payments by providing policy support and developing the necessary technology infrastructure. “Every licensed institution must use QR codes. This will make transactions faster, safer and more transparent for both businesses and consumers. As cash use drops, the state’s expenses will fall significantly,” he said.
Highlighting the role of smartphones in digital financial inclusion, Mansur said they are essential for payments, bill settlements and internet-based services. Efforts are under way to reduce the price of good-quality smartphones to Tk 6,000–7,000, which he believes would bring every citizen under smartphone coverage.
He added that internet costs must also come down further while service quality improves to meet this goal.
On urbanisation and housing challenges, Mansur said millions of new homes are still needed in Bangladesh. “Urban-focused development is inevitable because people will not return to villages. Affordable housing plans must be considered,” he said, adding that banks’ idle land could be used through partnerships with developers.
The governor also said extensive amendments to the Bank Company Act are being prepared as part of financial sector reforms, and stressed the need to keep the banking sector free from political influence.