Bangladesh's currency notes have become so dirty that even fishmongers reckon they stink too much to use.
The central bank wants to replace the notes and is threatening to deny branch licenses to banks that refuse to cooperate.
PHOTO: REUTERS
The notes are losing their usefulness as currency because people are becoming unwilling to take them, central bank officials say. Fish-market traders, for example, have found that their customers are demanding coins as change, they say.
Dhaka's fish-buying public confirmed that yesterday.
"I feel very uncomfortable taking paper money from sellers because they are not only soiled but sometimes smell awfully bad," said Tanveer Ahmed, a buyer at a fish market.
Fish seller Mohammad Suleman said: "Customers often decline to take the notes we give them as change because they are too dirty. What can we do? We also get soiled and torn notes from the buyers, who often become angry if we refuse."
Officials are planning to issue replacement notes and insist that commercial banks cooperate in distributing them.
The central bank has even threatened to deny licenses for new branches to banks that do not comply, according to a commercial bank official.
Replacing the notes would be troublesome for commercial banks.
They would have to open special counters, for example.
Bangladesh has currency notes in denominations of one, two, five, 10, 20, 50, 100 and 500 takas, with a taka being worth about US$0.017.
Most of the notes in circulation, except for the 500 takas, are soiled or torn.
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