Bangladesh is set to release new currency notes in the next six months with a fresh design. The new notes will no longer feature the image of Sheikh Mujibur Rahman.
Instead, they will include images of religious landmarks, Bengali cultural symbols, and artwork related to the "July Revolution." The Bangladesh Bank and the government have approved these changes.
According to officials from Bangladesh Bank and the Ministry of Finance, the design changes will apply to the 20, 100, 500, and 1000 Taka notes.
These notes will no longer have the image of Sheikh Mujibur Rahman, and eventually, his image will be removed from all the country`s currency notes.
Earlier, on September 29, the Ministry of Finance had asked Bangladesh Bank to submit detailed proposals for the new note designs.
The final decision on the designs and printing will be made by the Currency and Design Advisory Committee, which is led by the Deputy Governor of Bangladesh Bank and includes a team of artists.
Husne Ara Shikha, the spokesperson for Bangladesh Bank, confirmed that the process is moving ahead, and the new notes should be available within the next six months.
An official from the mint said that only the tender process remains. Once that’s completed, the new currency notes will be ready for release. Printing has been paused for now, but will start again when needed.
How New Taka Notes Are Made
The Security Printing Corporation of Bangladesh, also known as the mint, is responsible for printing the country’s money.
It started printing currency in 1988, with the one Taka note. Before any note is printed, the design must be approved by the government, and artists create the designs through a competitive tender process.
Once the design is finalized, materials like paper, ink, and plates are ordered through international tenders.
After the plates are made abroad, the actual printing takes place at the mint.
Not all currency is printed every year. Typically, notes circulate for four to five years before they need to be reprinted.
Lower-value notes, which are used more often, tend to wear out quicker and need to be replaced sooner.
Each year, Bangladesh Bank prints a specific amount of currency and stores it in its vault. When needed, the money is released into the market, and only then does it become part of the country’s money supply.
Currently, Bangladesh circulates 10 different denominations of paper currency: 1, 2, 5, 10, 20, 50, 100, 500, and 1000 Taka. All of these notes, from 2 Taka to 1000 Taka, feature the image of Sheikh Mujibur Rahman, and some notes even have his image on both sides.
His picture also appears on the country`s coins.
According to Bangladesh Bank’s latest report, in the fiscal year 2022-23, the country spent 38,400 crore Taka on printing new notes.
The previous year, the cost was 37,400 crore Taka, and in 2020-21, the amount spent was 34,000 crore Taka.
The last major redesign was the 200 Taka note, introduced in 2020, which featured a new version of Sheikh Mujibur Rahman’s image.
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