Summary:
- Bangladesh’s interim government plans to issue redesigned currency notes, removing Sheikh Mujibur Rahman’s image from the 20, 100, 500, and 1,000-taka denominations.
- The redesign reflects a shift in political strategy following the fall of the Sheikh Hasina government, aiming to mark a new historical chapter.
- The Bangladesh Bank and Ministry of Finance are overseeing the redesign process, with new notes expected to be introduced within six months.
- This change symbolizes a broader move towards redefining national identity and distancing from past government influences.
In a significant move reflecting the shifting political landscape in Bangladesh, the interim government has announced plans to issue new currency notes that will no longer feature the image of Bangabandhu Sheikh Mujibur Rahman. This decision comes in the wake of the fall of the Sheikh Hasina government on August 5, following widespread student-led protests against what was described as a fascist regime.
The redesign of the Bangladeshi taka, specifically the 20, 100, 500, and 1,000-taka denominations, marks a departure from the longstanding tradition of featuring Sheikh Mujib’s image on banknotes. Instead, these new notes will incorporate images of religious landmarks, elements of Bengali heritage, and graffiti from the July Revolution. The Bangladesh Bank has received final approval from both the central bank and the government for this redesign, with plans to introduce these notes to the market within six months.
Bangladesh Bank spokesperson Husne Ara Shikha confirmed that significant progress has been made in printing these new notes. The process involves finalizing designs and preparing international tenders for materials such as paper, ink, and printing plates. Once these steps are completed, production will commence at the Bangladesh Security Printing Corporation.
Historically, Sheikh Mujibur Rahman’s image has been a prominent feature on Bangladeshi currency since independence in 1972. The removal of his portrait signifies a major shift in currency design policy, echoing changes made by various governments over the years. The interim government aims to reflect its vision and mark its presence in Bangladesh’s history through this redesign.
The Bangladesh Ministry of Finance has tasked the Currency and Design Advisory Committee with overseeing the introduction of these new designs. The committee is responsible for evaluating design proposals and ensuring that they align with national interests before approval. This process is expected to take approximately six months before the new notes are circulated.
In terms of financial implications, Bangladesh Bank’s annual report indicates that significant funds have been allocated for currency production in recent years. For instance, during the fiscal year 2022-23, approximately 38,400 crore taka was spent on printing new notes.
This development follows a broader trend in Bangladesh’s monetary policy adjustments, including placing the taka on a crawling peg to the US dollar earlier this year. As Bangladesh navigates these changes, both economically and politically, the introduction of redesigned currency notes symbolizes a new chapter in its financial narrative.
Source: Daily Inqilab
