The cabinet approved in principle on Monday the draft Bangladesh Coinage (Amendment) Act 2015 that empowers the government to issue note and coin of taka-five denomination, in a switch of authority from the central bank in this regard.
Currently, the government issues notes and coins of Tk 1.0 and Tk 2.0 denominations. The currency notes of Tk 10 denomination and above are being issued by the Bangladesh Bank (BB).
"Under the proposed act the government will now issue Tk 5.0 note and coin which will be signed by the finance secretary," cabinet secretary Muhammad Musharraf Hossain Bhuiyan told the media after the cabinet meeting at Bangladesh Secretariat.
Prime Minister Sheik Hasina presided over the meeting held at the cabinet division of the secretariat.
Earlier in January last, Finance Minister AMA Muhith termed the lower-denomination notes 'useless', and said that the government would mop out Tk 1.0 and Tk 2.0 notes from circulation.
The cabinet secretary said five-taka notes and coins issued by the government and the BB will remain in circulation side by side until the BB-issued ones are phased out.
talhabinhabib@yahoo.com
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