No plan to withdraw 500-taka note from circulation
FE Report | Tuesday, 24 June 2008
The Bangladesh Bank (BB) has officially ruled out any possibility of demonetising currency notes of Tk 500 (five hundred).
"This is for information of all concerned that Bangladesh Bank has no plan to withdraw 500-taka note from circulation," the central bank said in a press statement Monday.
Therefore, the statement also said the 500-taka notes of all description shall remain in circulation as legal tender.
The BB's official announcement came after the President of Federation of the Bangladesh Chambers of Commerce and Industry (FBCCI), Annisul Haq alleged Saturday that there were severe liquidity problems in the country's banking sector, leading to their inability to fund new investment projects.
During a discussion meeting with the members of the Economic Reporters' Forum (ERF), the country's apex trade body chief also stressed the need for carrying out a study on whether or not such a crisis was the result of any large-scale hoarding of currency notes of Tk 500 denomination.
"This is for information of all concerned that Bangladesh Bank has no plan to withdraw 500-taka note from circulation," the central bank said in a press statement Monday.
Therefore, the statement also said the 500-taka notes of all description shall remain in circulation as legal tender.
The BB's official announcement came after the President of Federation of the Bangladesh Chambers of Commerce and Industry (FBCCI), Annisul Haq alleged Saturday that there were severe liquidity problems in the country's banking sector, leading to their inability to fund new investment projects.
During a discussion meeting with the members of the Economic Reporters' Forum (ERF), the country's apex trade body chief also stressed the need for carrying out a study on whether or not such a crisis was the result of any large-scale hoarding of currency notes of Tk 500 denomination.